US Dollar at 3 year Lows as Bitcoin resumes uptrend

Bitcoin continues to rise in an attempt to surpass its previous $111,970 high.

“The dollar index is dabbling in new cycle lows today,” macroeconomist Lyn Alden said On Wednesday, I posted a message. “Barely got any flight-to-safety bid in the past couple weeks, either,” Alden added.

“Fiat is fading,” Analyst

Jamie Coutts of Real Vision Crypto analyst echoes a similar sentiment said The following are some examples of how to use “fiat is fading.” US Dollar Index DXY, which measures USD strength against world major currencies, has fallen to its lowest trading point since 2022. The index was at 97.50 when this article was published. according TradingView provides data on the market.

The tensions are now at a similar level to what they were on 13 June, when the first spike in tensions occurred after Israel began airstrikes against Iran.

Market participants will usually anticipate a move from more risky assets such as cryptocurrencies to safer ones like the US dollar and government bonds. A major missile attack is expected to occur in October 2024. by Iran targeting sites across Israel The DXY spiked 2.67% in the last month.

Bitcoin traders are celebrating its recent gains

Bitcoin has risen in value during this recent conflict.BTC) experienced volatility.

Bitcoin briefly fell under $100,000 Sunday morning for the very first time since mid-May. Since US President Donald Trump’s fragile ceasefire took effect On Monday it bounced back and was trading at $107,930 when this article was published. according CoinMarketCap provides data on the market. 

Crypto Analyst Matthew Hyland said This is the “bulls are in control,” Others have pointed out Bitcoin’s resilience in recent times despite the risk off conditions.

Today’s new emerging trade is crypto

“Bitcoin has broken two 2-week downtrends over the past month,” Rekt Capital is a crypto analyst. said On Wednesday,

Real Vision’s Coutts made comparisons between today’s macro-environment and early 2000s when the weakening of the dollar caused a shift in capital to commodities and emerging markets.

“If you remember 2002–2008, the last major dollar depreciation lit a fire under EM equities and commodities,” Coutts said.

Related: Bitcoin bulls halt $4K BTC price dip as US dollar hits new 3-year lows

“EM outperformed DM by 3x as capital chased high-growth, young economies — giving rise to BRICS,” He added that crypto is the emerging new market.

“Crypto is today’s EM. Capital is moving where the energy is,” “He said”

Magazine: Why being a Gen Z crypto founder is a ‘blessing and a curse’

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of a trading or investing decisions.