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A recent run-down in the dollar index (DXY) stopped midway as investors awaited United States’ jobs data for a guide on the viewpoint for interest rates. Meanwhile, Bitcoin (BTC) moved inversely to the greenback.
DXY rose to its intraday high of 92.195 on Aug. 4, up 0.45% from its July 30 low of 91.
Ethereum one-upped Bitcoin to close 13 consecutive daily green candles. Here’s what it means
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A combination of multiple indicators tracking Bitcoin (BTC) blockchain would continue the benchmark cryptocurrency’s price rally further into 2021, popular on-chain analyst Willy Woo anticipates.
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The crypto market saw a minor sell-off this morning on the back of regulatory developments out of America, with some large-cap cryptocurrencies dropping as much as 5%.
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US financial services player Bank of America, one of the world’s largest banks, has come out in support of El Salvador’s Bitcoin bill in a note to clients last week.
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While Bitcoin’s (BTC) price has slipped by more than 8.2% after rising to $42,230, the 43.5% rally included 10 consecutive days of gains. But despite BTC currently trading at around $39,700 as of Aug. 2, some analysts anticipate that it can rise by another 100%.
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Bitcoin and Dogecoin lost over 5% each Sunday night after a brief sell-off in the crypto markets. They regained most of the losses at press time, but futures traders were left nursing millions of dollars in losses.
Bitcoin, Dogecoin fall.
Both small and rich Bitcoin (BTC) traders accumulated the benchmark cryptocurrency en masse during the period its prices rose from below $30,000 to over $40,000, signaling their confidence in the asset’s long-term bullish setup.
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Dan Held, the Director of Growth Marketing at crypto exchange Kraken, expects Bitcoin to reach a market cap of up to $200 trillion. This would price BTC at around $9.5 million per token.
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Bitcoin closes seven consecutive daily green candles, putting it on track for the longest winning streak in 2021.
The last time this happened was March 5, when the leading cryptocurrency rose from $48,000 to end its run at $58,000 a week later.