Analyst: The decline in the US dollar index has benefited Bitcoin
2024-05-10 14:48:27
Odaily Planet Daily News: The dollar reacted negatively to the rise in the number of initial jobless claims in the United States, benefiting Bitcoin and the stock market. The U.S. dollar index (DXY), which assesses the performance of the U.S. dollar against a basket of major world currencies according to TradingView data, fell 0.45% to 105.25 from Thursday's high of 105.73, while the price of Bitcoin has risen 2.5% in the past 24 hours, trading at $62,927 as of 9:06 a.m. EST. Aurelie Barthere, chief research analyst at Nansen.ai, said that U.S. interest rates appear to have peaked on April 30, with the U.S. two-year yield at negative 20 basis points. Given the slowdown in growth, the U.S. dollar index fell 1%, and Bitcoin has since risen 8%. (TheBlock)
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