Summary
- Joo Ki-Young, CEO of CryptoQuant, stated that the main cause of Bitcoin's decline is the strong Dollar Index.
- He mentioned that the strength of the Dollar Index reflects the tendency to prefer safe assets due to concerns over a global trade war.
- The Bitcoin Kimchi Premium has risen to the 12% range, which is the highest in the past three years, according to CEO Joo.
Joo Ki-Young, CEO of CryptoQuant, pointed to the Dollar Index (DXY) as the background for the decline in Bitcoin (BTC) prices.
On the 3rd, CEO Joo stated via X, "The main reason for Bitcoin's decline seems to be the strong Dollar Index." The Dollar Index is an indicator that shows the value of the dollar against six major currencies.
Due to the aftermath of the U.S.-initiated 'tariff war,' the Dollar Index is showing strength. It is interpreted that the growing concerns over a global trade war have strengthened the tendency to prefer safe assets. If the strong dollar trend continues, the aversion to risk assets like Bitcoin is likely to increase.
Meanwhile, the Bitcoin Kimchi Premium surpassed 10% on this day. CEO Joo stated, "The current Kimchi Premium has risen to the 12% range," adding, "This is the highest in the past three years."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul![Trump ally Myron, a Fed governor, resigns White House post…pushing for rate cuts until Warsh arrives? [Fed Watch]](https://media.bloomingbit.io/PROD/news/75fa6df8-a2d5-495e-aa9d-0a367358164c.webp?w=250)
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