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AMBCrypto
AMBCrypto
Why Bitcoin is not threatened by a rising dollar
34 minutes ago
TopCryptoNews
TopCryptoNews
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Bitcoin rose to $26,820 on Wednesday, trading in the opposite direction to stocks as the Dollar Index hit a 10-month high.An easing for the DXY could see Bitcoin price strengthen above the $26k base. Bitcoin (BTC) defied a surge for the Dollar Index (DXY) on Wednesday, spiking to above $26,820 in early US trading hours. The gains for the benchmark cryptocurrency buoyed the altcoin market, with several tokens seeing decent moves to push the total market cap up by about 1.5%. But as the DXY, which measures the greenback’s strength against a basket of other major currencies, hit highs of 106.83 for its highest level since November 2022, stocks moved lower. Alongside the dollar’s strength has been rising yields, with the benchmark 10-year US Treasury yield soaring to a 16-year high of 4.64%. The two-year US yield rose to 5.15% It’s a scenario that sees the stock market compound weakness seen over the past week, including Tuesday’s Dow slump that was the biggest in a single day since March. BTC price outlook The US dollar index’s upside has historically signaled a bearish outlook for stocks and other risk assets, including crypto. Market intelligence platform says the negative correlation between the dollar index and Bitcoin and S&P 500 has particularly been evident since 2021. That should be the perspective, though Bitcoin is showing a resilience above $26k. According to crypto investor Scott Melker, Bitcoin’s performance shows it “has its own life.” $BTC is currently COMPLETELY uncorrelated from every other market.Bitcoin is up, the dollar is WAY up, stocks are down, gold is down.Bitcoin has a life of its own.— The Wolf Of All Streets (@scottmelker) September 27, 2023 Meanwhile, Santiment analysts say BTC could see a breakout if the DXY begins to cool off. $BTC $ETH

about 22 hours ago
Sonia
Sonia
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#cryptocurrency News highlights for September 27, 2023🔥 🔥Bitcoin (BTC) and Ethereum (ETH) prices stay flat as traders eye return of U.S. equities correlation. BTC and ETH lost just under 0.5% as U.S. markets closed lower on Tuesday. 🔥Bybit and DMCC Crypto Centre Announce a Million-Dollar Hackathon to Drive Web3 Innovation in Dubai. The hackathon has a $100,000 prize pool and will focus on developing innovative Web3 solutions in areas such as DeFi, NFTs, and gaming. 🔥JPMorgan to block crypto payments from Chase UK bank accounts. JPMorgan Chase & Co. will soon block payments to cryptocurrency exchanges from its UK bank accounts. The move is part of the bank's broader effort to reduce its exposure to cryptocurrencies, which it views as risky. 🔥Asset Tokenisation: IFSC signals plan to move forward, set regulations. The International Financial Services Centre Authority (IFSCA) in India has said it is working on a framework to regulate the tokenisation of assets. This could pave the way for the issuance of asset-backed tokens in India, which could boost the adoption of cryptocurrencies and blockchain technology. 🔥Elusive global consensus on regulations leaves the crypto industry in a lurch. The lack of clear and consistent global regulations for cryptocurrencies is a major challenge for the industry. This is making it difficult for businesses to operate and for investors to make informed decisions. #cryptonews #crypto2023 #DeFiChallenge #cryptonews

1 day ago
Manhofbitcoin
Manhofbitcoin
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📌FACTS ABOUT BTC DOMINANCE 📌 When the price and dominance of BTC are rising, it could signal a potential bitcoin bull market.  • When the price of BTC is rising but BTC dominance is falling, it could signal a potential altcoin bull market.  • When the price of BTC is falling but BTC dominance is rising, it could signal a potential altcoin bear market. • When the price and dominance of BTC are falling, it could signal a potential bear trend for the entire crypto market. • While these two factors do not imply a definite bull or bear market, historical observations suggest a correlation.  #crypto2023 🚀🚀🚀🚀 📍Follow me for more Spot,Futures Signals & Trading Strategies..💯✅

2 days ago
Crypto Web3 Today
Crypto Web3 Today
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Shiba Inu Bitcoin Correlation Drops to Lowest in Weeks, What Happened? Shiba Inu-Bitcoin correlation in the last 30 days has fallen to a new low as Shiba Inu charts its course independent of the leading cryptocurrency's movements. IntoTheBlock data indicates that the 30- day correlation between Shiba Inu and Bitcoin has fallen to 0.42. This is a significant decrease from the high of 0.96 seen at the week's start. This supports the notion that SHIB is increasingly breaking off from Bitcoin's influence and establishing its trajectory. Likewise, the 60-day correlation between Shiba Inu and Bitcoin was 0.5. This implies that parallel price movements are less likely. Shiba Inu is less likely to mimic Bitcoin price swings in this way. Shiba Inu was demonstrating a higher 30- day correlation with Ethereum at 0.84, while that with rival Dogecoin stands at 0.56. Shiba Inu developments continue to shape progress. The decreasing correlation is noteworthy, as Shiba Inu seems to be on the path of creating a trajectory for itself as developments in its ecosystem shape its progress. For instance, Shiba Inu was a top gainer in July, closing the month by over 12%. Kaiko noted that this price boost was spurred by a wave of developer activity on the network. That particular month saw the introduction of self-sovereign identity (SSI) as well as progress on Shibarium. However, the tide changed as Shiba Inu erased the gains after Shibarium paused shortly after its Aug. 16 launch. Shiba Inu has yet to rebound from the August falls and is currently down by 7.13% in September. At the time of writing, Shiba Inu was marginally up 0.68% in the last 24 hours to $0.0000074. In the days ahead, an increasing correlation between Shiba Inu and Bitcoin may be an important indicator to determine whether Shiba Inu will replicate market swings or retain a distinct trajectory impacted by the developments in its ecosy stem. $BTC $SHIB

12 days ago
CRYPTOMOJO
CRYPTOMOJO
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IMPORTANT AND EXPLAINED UPDATE Bitcoin's Resilience Amid Market Turmoil: What Lies Ahead? In the midst of a stormy week for equities and a surging U.S. dollar, Bitcoin (BTC) has stood its ground above the $26,000 mark – a feat that deserves a nod, considering the ominous signals emanating from other financial corners. As of Friday afternoon, Bitcoin, the reigning crypto heavyweight, was holding steady at around $26,500, marking a modest 0.3% increase since the week's outset. Meanwhile, the S&P 500 and Nasdaq Composite Index, the barometers of U.S. stocks, plummeted by 2.7% and 3.2%, respectively. Amid this turbulence, analytics firm IntoTheBlock labeled Bitcoin's resilience as "remarkable." What makes this even more intriguing is the decoupling of BTC from the U.S. Dollar Index (DXY), with their correlation hitting a flat zero – an absence of any relationship. Underpinning this steadfastness is the increasing number of long-term holders or "HODLers," nearing an all-time high. This could signify their reluctance to part with their holdings ahead of a potential approval of a spot BTC exchange-traded fund (ETF) in the U.S. Historically, these HODLers have been the bedrock of Bitcoin's price support during bearish phases and reaped rewards during bullish surges. This, according to IntoTheBlock, hints at a forthcoming bullish cycle for Bitcoin, even in an uncertain macroeconomic climate. Yet, challenges loom ahead. Bitcoin encountered strong selling pressure as it approached $27,400, notably, the level where both the 200-weekly and 200-daily moving averages converge at $27,800. These moving averages are poised to act as formidable resistance in the near term. In the options market, $24,000 puts and $35,000 call options have garnered substantial open interest, offering further clues about potential price movements. As Bitcoin continues to chart its course, the crypto world watches with bated breath, eager to see how it weathers the financial storms on the horizon. 🌪️📈 #BitcoinResilience #CryptoMarketAnalysis

5 days ago

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