Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The Dollar Index's recent pullback has crypto traders betting on a continued weakness in the greenback and a renewed bitcoin rally.
Crypto traders are anticipating a renewed weakness in the U.S. dollar, which would catalyze risk-taking and extend the rally in bitcoin. The rally in bitcoin, which began in October last year, has paused, likely due to dwindling expectations of Fed rate cuts and a bounce in the dollar index, which tracks the greenback’s value against major fiat currencies.
Jan Happel and Yan Allemann, co-founders of Glassnode, who go by the name Negentropic on X, said the dollar looks to have topped out in an “expanding triangle” pattern and could slide in the coming weeks, powering the crypto market higher. “Overall, if the Fed is on hold for the rest of this year and other central banks ease as expected, the peak DXY level should be in the 107-110 range,” the team added, expressing the possibility of the market overshooting the projected upside target.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dogecoin Explodes 50% as Bitcoin Bitcoin Bulls Return in Force: This Week’s Crypto RecapCrypto Blog
Read more »
Bitcoin Cash & Bitcoin SV Pumping as Bitcoin Minetrix Nears Exchange ListingCrypto Blog
Read more »
Chicago Bulls coach Billy Donovan shrugs off Kentucky rumors, re-affirms commitment to the BullsPlenty of names are expected to be considered for the Kentucky men's basketball coaching job, which considered a blue blood program. Billy Donovan is one, but he shrugged off any speculation on Tuesday.
Read more »
Stock market today: Global shares are mostly lower as investors pin hopes on rate cutsGlobal shares are mostly lower as investors await further indications of future U.S. interest rate cuts.
Read more »
Stock market today: Global shares are mostly lower as investors pin hopes on rate cutsGlobal shares are mostly lower as investors await further indications of future U.S. interest rate cuts.
Read more »
Warriors put a pin in Rockets’ postseason hopes with blowout winThe Warriors now have a four-game lead, plus the tiebreaker, for the 10th seed.
Read more »