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The dollar falls against the euro What does it have to do with the rally in bitcoin?

Crypto, Bitcoin
Published 1 year ago
ID #1903
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The dollar falls against the euro What does it have to do with the rally in bitcoin?
Crypto, Bitcoin,
Published 1 year ago

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The current rise in cryptocurrency is due, among other things, to the aggressive monetary policy of the US Federal Reserve in its attempt to fight inflation.

The value of bitcoin in recent days has grown more than 7% and is currently trading for approximately $21,000, while ether has jumped 17%. During this week, the top 30 cryptocurrencies by market capitalization, with the exception of the 'stablecoin', whose value is pegged to that of the dollar, registered gains, according to data from CoinMarketCap.

In recent weeks the dollar has fallen against the euro, and this Saturday it is trading at 1:1. The DXY index is also at a three-week low. 

This indicator influences the behavior of bitcoin and the crypto market as a whole, explained the head of the analytical department of AMarkets, Artiom Deev, speaking to RBC.

The DXY measures the value of the US dollar in relation to other fiat currencies, but for about 10 years there has also been a constant trend: when that index goes up, bitcoin goes down.

A new fall in cryptocurrencies?

The governors of the US Federal Reserve will meet next week and are expected to raise interest rates again by 75 basis points, to a total of 4%. According to the digital asset specialist of the Finmir platform, Igor Pan, in the event that this aggressive policy is maintained in the coming months, the price of bitcoin could fall to $15,000 or even more, while ether would fall to a range of 1,000 dollars.

Global Recession

Currently, the determining factor for the crypto market is not the dollar or its position with respect to other currencies, but the situation around the global economy, says Artiom Deev, who has no doubt that a strong recession may begin in the near future. , not only in the European Union, but also in the United States.

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    Crypto, Bitcoin
    US Federal Reserve Dollar Euro Bitcoin Btc Eth