The Fed (Federal Reserve) continues to pursue a financial tightening strategy despite the US inflation rate’s persistent rise.
This month, there was a further 75 basis point rise in interest rates. The US currency and the DXY index, which measures its strength, are supported by the Fed’s policies and the global macroeconomic situation.
The DXY index measures how much the US dollar is worth in respect to a basket of six important currencies.
Among them are the Canadian dollar, the Japanese yen, the Euro, the British pound, the Swiss franc, and the Swedish krona. The US dollar has increased 20% in value relative to a particular group of currencies over a period of time, for instance, if the number 120 is used.
In other words, a rising DXY indicates that the USD is becoming more valuable in relation to other currencies.
Since reaching its record high in November of last year, the value of Bitcoin has decreased by around 70%. The token’s price is now modest but varies a little.
The price of the most sought-after cryptocurrency coin has maintained around $19,000 for the past week.
It has almost fallen below that level as of this week, which is not unusual these days.
Bitcoin’s price has fluctuated above and below $19,000 during the past month, failing to hold above $20,000 for more than a brief period of time.
The cost is kept low by the weak economy. As an illustration, Bitcoin’s price dropped below $19,000 last week due to inflation statistics that revealed costs are still rising despite the Federal Reserve’s efforts to make them decrease.
This is noteworthy because it remained stable at a time when other assets, like gold, fiat money, and stocks, were losing value.
The price of Bitcoin has remained largely steady despite the fact that some of these markets are currently recovering.
Some experts claim that consistency comes from the perseverance of long-term investors who are unfazed by warning indications in the US economy.
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