March 29, 2024

The strengthening of the US dollar index caused Bitcoin and the S&P 500

The strengthening of the US dollar index caused Bitcoin and the S&P 500

Bitcoin came under selling pressure this Monday amid declines in traditional markets. In the momentpublications, the first cryptocurrency is trading at $ 10,500, having lost 5% of its value per day after it faced a rejection near the resistance of $ 11,000.

At the same time, large European indices such aslike the German DAX, French CAC and British FTSE, fall by an average of 3%. S&P 500 futures also fell 2%. The dollar index, which tracks the movement of the American currency against other major world currencies, rose 0.7%.

According to analysts, investors are selling sharesdue to fears that a resumption of the rise in coronavirus cases in Europe could lead to a new economic downturn. Several European countries, including Denmark and Greece, have already reintroduced quarantine measures; Great Britain may follow their example.

Bitcoin may continue to decline if investors move away from risky assets to the dollar, as was the case in March, says a CoinDesk analyst.

A breakout of the head and shoulders pattern could lead the cryptocurrency to support $ 10,400, with resistance at $ 11,000 and $ 11,183.

The strengthening of the US dollar index caused Bitcoin and the S&P 500

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Along with this, there is an increase in the inflowbitcoins to exchanges from miners' wallets. On Sunday, exchanges accepted 784 BTC ($ 8 million) from such wallets, which is significantly higher than the average value for the last 30 days of 265 BTC.

The strengthening of the US dollar index caused Bitcoin and the S&amp;P 500

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The altcoin segment is also experiencing todaytangible decrease. First of all, this applies to DeFi-coins, which entered the top 100 against the background of the rapid growth of their rate during the previous period. yearn.finance (YFI), for example, fell 20% and is trading around $ 24,000, while a week ago it was above $ 40,000. Ethereum fell 7% and was below $ 350.

The strengthening of the US dollar index caused Bitcoin and the S&amp;P 500

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The strengthening of the US dollar index caused Bitcoin and the S&amp;P 500

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