Editor's PiCK
Bitcoin nears lowest level since June… U.S. shutdown and strong dollar impact
Summary
- Bitcoin price was reported to have neared its lowest level since June due to the strong dollar and the U.S. government shutdown.
- The current bitcoin price is trading around 103,000 dollars, about 20% down from the recent peak.
- Analysts forecast that if the U.S. government's deadlock continues, bitcoin's weakness could deepen.
Bitcoin's price has approached its lowest level since June due to the prolonged U.S. government shutdown and a strong dollar.
On the 4th (local time), according to CoinDesk, Bitcoin (BTC) was trading around 103,000 dollars, approaching its lowest level since June 24. This is about a 20% decline from the all-time high of 126,500 dollars recorded on October 6 (local time).
The U.S. federal government shutdown reached its 35th day, tying the record for longest in 2018-2019. Prediction market Polymarket said the shutdown is likely to continue until after mid-November.
A strong dollar is also increasing downward pressure on risk assets. The dollar index (DXY), which shows the dollar's value against the currencies of six major countries, surpassed 100 for the first time since August 1. Generally, a strong dollar acts as a selling factor for risk assets such as bitcoin and tech stocks.
Analysts currently say that if the U.S. government's deadlock continues, bitcoin's weakness could deepen.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
