Summary
- Bitcoin (BTC) has recently shown a price increase, approaching the $10,000 mark, but the strength of the US dollar could potentially hinder Bitcoin's rise.
- Historically, Bitcoin prices have periodically declined due to dollar strength, and this could also signal a global liquidity contraction.
- The dollar value is closely related to Bitcoin prices, and the growth rate of communication policies and the global economy has relatively weakened its influence on Bitcoin prices.
According to the media outlet DoubleBlock on the 29th (local time), Andre Dragosch, a European research officer at Bitwise, a cryptocurrency management company, stated in an interview with the media that "the price of Bitcoin (BTC) has recently continued its rapid rise, approaching the $10,000 mark, but the strength of the US dollar could hinder Bitcoin's ascent." He further analyzed that "historically, Bitcoin prices tend to decline during periods of dollar strength," adding that "the rise in dollar value could also signal a global liquidity contraction. This could negatively impact the Bitcoin market in the short term." Naga added that "according to Bitwise's volume analysis model, the current dollar value is most closely correlated with the Bitcoin price," and "the growth rate of communication policies and the global economy has also relatively weakened its influence on Bitcoin prices."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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