MARKET WRAP: Bitcoin climbed for a third consecutive day and erased weekly losses, but skepticism about a sustained recovery remains. JimmyHe32 reports
Craig Erlam, a senior market analyst at Oanda, wrote that bitcoin’s recent resilience doesn’t necessarily mean a further recovery.
“The near-term outlook is still a concern given the broader risk environment and reports of bankruptcies in the industry,” Erlam wrote. “If anything, the latter could be a bigger concern if [bitcoin] does eventually break lower.” The U.S. dollar index , a measure of the greenback relative to a basket of foreign currencies, is approaching highs unseen since 2002, Glassnode wrote in a newsletter.
The rise is driven by either a strengthening demand for USD-denominated fixed-income securities as the U.S. Federal Reserve raises interest rates or the depreciation of foreign currencies such as the euro, which recently dropped to aThe DXY has a predominantly negative correlation with bitcoin prices, and so further index increases could spell price declines for the cryptocurrency.
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