Analysts Fear a Strong US Dollar Will Dampen Bitcoin’s Bullish Momentum
Cointelegraph
Published Aug 22, 2020 07:17PM ET
Updated Aug 22, 2020 09:00PM ET
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.
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Written By: Cointelegraph
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