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Analysts Fear a Strong US Dollar Will Dampen Bitcoin’s Bullish Momentum

Published 08/22/2020, 07:17 PM
Updated 08/22/2020, 09:00 PM
Analysts Fear a Strong US Dollar Will Dampen Bitcoin’s Bullish Momentum

On Aug 21, Bitcoin (BTC) price declined by more than 3% from around $11,880 to $11,511 on Coinbase. Coincidentally, the U.S. Dollar Index (DXY) started to rebound from its 4-month downturn.

As the dollar increased by 1.3% from $92.28 to $93.20, Bitcoin, major cryptocurrencies, and gold fell in tandem. The seemingly inverse correlation between the dollar and Bitcoin might indicate that the weakening dollar partially catalyzed BTC’s recent rally.

Continue Reading on Coin Telegraph

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