Bitcoin and the broader crypto market are struggling to stay above their June lows due to renewed strength from the dollar.
BTC Down as DXY Rallies
Bitcoin is battling against the dollar—and it’s losing.
The dollar index (DXY), a financial instrument that measures the price of the U.S. dollar against a basket of other currencies, hit a fresh 20-year high Friday, sending other world currencies and risk assets lower. DXY, which measures the value of the dollar against a basket other currencies, topped 112 earlier this morning. It’s trading at around 112.8 at press time, per TradingView data.
The crypto market has been hit particularly hard in recent weeks due to renewed strength of the greenback. In August, Bitcoin enjoyed a brief rally to $25,200 as the dollar retraced from its July highs. However, since then, crypto assets have been crushed under the weight of the rising dollar. Bitcoin now appears pinned under $20,000 while the dollar continues to climb, trading at around $18,810...
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