Goodbye to the dollar-bitcoin relationship

In recent issues, we have highlighted that Bitcoin’s price has been a function of broader macroeconomic conditions of rising yields and debt unwinding over the past several months, leading to increased stock market volatility and increasing US dollar strength.

Recently, the Dollar Currency Index (DXY), which tracks the relative strength of the US dollar against other major global currencies, is making new 20-year highs as major currencies like the euro, Japanese yen and pound sterling continue to weaken . The latest surge comes as the Bank of Japan is tripling its yield curve control efforts, buying an unlimited amount of 10-year bonds each business day to cap yields at 0.25%.

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