Summary
- Matrixport reported that the decline in the dollar value could drive the rise of Bitcoin.
- The Dollar Index (DXY) recorded its lowest level against major currencies, which is increasing interest and the possibility of a rise in Bitcoin.
- Currently, Bitcoin is trading at $87,576 on the Binance USDT market, up 3.25% from the previous day.
There is a claim that the decline in the value of the dollar could drive the rise of Bitcoin (BTC).
On the 21st (local time), Matrixport stated in a report, "Historically, Bitcoin has an inverse relationship with the dollar. Currently, a decoupling phenomenon is occurring," and "Interest in Bitcoin as a hedge against the decline in the dollar's value is growing, increasing the possibility of further rises."
According to Matrixport data, the Dollar Index (DXY), which represents the value of the dollar against the currencies of six major countries, is recording its lowest level (98.1) since March 2022. Meanwhile, Bitcoin has rebounded, surpassing $97,000.
As of 4:48 PM, Bitcoin is trading at $87,576 on the Binance USDT market, up 3.25% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![[Market] Bitcoin breaks below $70,000… Korea premium at 0.31%](https://media.bloomingbit.io/PROD/news/74018332-717e-4495-9965-328fe6f56cb4.webp?w=250)
