Crypto News Blocks

How Bitcoin Could Reclaim $40,000 According To The U.S. Dollar Index

  • Bitcoin suffered its worst plunge since March in the previous three sessions, falling 5.18 percent over the weekend and extending its correction by an additional 7.29 percent to $35,388.
  • The leading cryptocurrency’s bearish correction can be attributed to profit-taking, led by concerns ranging from its overbought status, the recovery in the U.S. dollar index and rising yields on the 10-year Treasury benchmark note.
  • Traders appeared to have reallocated some of their profits into the cash and bond markets, primarily as the Federal Reserve hinted of reducing the size of its bond-buying program by January 2022.
  • However, the latest Bitcoin price correction hasn’t deterred traders and investors from focusing on the cryptocurrency’s long-term outlook.
  • A broader recovery could come after President-elect Joe Biden takes office, as his focus will be on distributing additional stimulus payments.
  • The prospects of a ballooning fiscal deficit would pressure the U.S. dollar lower, and thus, help Bitcoin rally back to $40,000. Traders and investors have positioned BTC to behave as a safe-haven against the greenback’s potential decline.
  • Read the full story here.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments

Related Crypto News

Dollar-Cost Averaging Crypto Profits: Low-Risk Bitcoin Investing Without All the Stress
Bitcoin prices and a number of other digital assets have grown significantly in value during the last decade. Some...
Guggenheim CIO: ‘Speculative frenzy’ to die down, but $400k target still on
While some traders have gotten mixed signals, Guggenheim’s Scott Minerd is taking the long view. In an interview with...
Pre-Register Now on Aladdin Exchange to Receive 100 TNC Coins
PRESS RELEASE. UAE-based crypto exchange Aladdin opens its platform for pre-registered users. This digital asset exchange is the newest...
Secure Bitcoin self-custody: Balancing safety and ease of use
With Bitcoin’s price clocking $40,000 recently, safe and secure measures for storing the valuable digital asset are once again...
Paypal to Earn $2 Billion in Revenue From Its Bitcoin Business, Says Analyst
Mizuho Securities analyst Don Dolev has forecast that Paypal will earn up to $2 billion in revenue from its...
Decred co-founder explains the possible effects of a CBDC takeover
How would mass-scale CBDC issuance impact the crypto space? Over the course of 2020, numerous countries across the globe...

Featured Crypto News

Canada’s first public Bitcoin fund hits $1 billion
3iQ’s Bitcoin QBTC fund has surged 900% in market cap since October 2020, breaking a $1 billion milestone. Canadian...
US Fed: CBDC a ‘very high priority’ to combat bad private sector money
The United States Federal Reserve needs its own digital currency to protect against a possible overnight proliferation of stablecoin...
Coinbase Issues a Public Apology to EU and UK Customers — Did Not Address Its Global Issues
Cryptocurrency exchange Coinbase published a statement addressing their U.K. and E.U. customers, apologizing for system outages and account restrictions....
Anchorage Obtains Federal License to Operate as Crypto Bank From the OCC
The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approval to crypto custodian Anchorage to...
Respect the Pomp: RSK’s token spikes 30% after founder appears on podcast
RIF got a nice price boost hours after its founder appeared on Pomp’s podcast. RIF, the utility token for...
Bitcoin Reclaims $40,000 Just days after Falling to $30,000
After a sharp correction that lowered its price to nearly $30,000, Bitcoin is close to reclaiming $40,000. The leading...