The price of bitcoin is rising now for many reasons, and one of them, and not the most important, is the weakening of the dollar.
Among the reasons for the rise in the price of bitcoin are, first of all, the expected consequences after the last halving of the remuneration to miners for each new mined block of bitcoin, as well as the projected onset of the most severe global economic crisis as a result of the adoption of unprecedented restrictive measures to combat the spread of coronavirus. Now the price of gold has also started to rise very actively, which confirms the assumption that people are looking for ways to protect their savings from the coming inflation of conventional currencies.
Topic: Bitcoin Rise Due to Lower US Dollar? - page 5. (Read 819 times)
How the hell you can call it "one main factor" without comparing the rest of them? Don't blindly trust articles on the internet. Their methodology is flawed most of the times without adequate data or comparison to draw any reliable conclusion.
I don't see any correlation
Now seriously, unlimited QE surely raises the price of bitcoin, because it lowers confidence in money and confidence in the safety of savings, but I doubt it have a short-term impingement in the price.
I don't see USD falling significantly in last few days against other fiats. 0.1-0.5% of changes are normal. The fall since last two days is lower than the rise in last Friday. It's normal forex market.
And Bitcoin has not only increased against dollar but also on all major currencies. For last 24 hours, bitcoin increased 1.75% for USD, 1.59% for GBP and 1.60% for euro.
What we can call is every fiat currency are falling and all of them are weakening against bitcoin.
And Bitcoin has not only increased against dollar but also on all major currencies. For last 24 hours, bitcoin increased 1.75% for USD, 1.59% for GBP and 1.60% for euro.
What we can call is every fiat currency are falling and all of them are weakening against bitcoin.
In recent weeks, the price of Bitcoin appears to have been driven by one main factor, namely the weakening of the US dollar.
US dollar losing its value is not something that happens over night, it is a slow process whereas bitcoin price went up about 30% in a short time. this particular rise has nothing to do with US dollar and its "weakening".overall, there is definitely a connection but we will only see said effects over the long haul.
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The Rekt Capital Twitter account supports the analysis,
oh some random dude on twitter, so it must be correct /s
No one can predict the future, but increasing global debt, slow economic growth and expanding central bank balance sheets have the potential to weaken the dollar and investors seek safe areas in assets like gold and Bitcoin.
In recent weeks, the price of Bitcoin appears to have been driven by one main factor, namely the weakening of the US dollar. This correlation is evident when comparing the US dollar index against Bitcoin.
The inverse correlation between Bitcoin and the US dollar is supported by technical analysis on the price chart. The Rekt Capital Twitter account supports the analysis, that Bitcoin has broken an important resistance level. Bitcoin price is unlikely to fall below that level, which is at the level of US $ 8 thousand.
In addition, Bitcoin was successfully closed at the weekly price above the US $ 11,400 resistance area.
In recent weeks, the price of Bitcoin appears to have been driven by one main factor, namely the weakening of the US dollar. This correlation is evident when comparing the US dollar index against Bitcoin.
The inverse correlation between Bitcoin and the US dollar is supported by technical analysis on the price chart. The Rekt Capital Twitter account supports the analysis, that Bitcoin has broken an important resistance level. Bitcoin price is unlikely to fall below that level, which is at the level of US $ 8 thousand.
In addition, Bitcoin was successfully closed at the weekly price above the US $ 11,400 resistance area.
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