Bitcoin price today: Pullback to $66.5K as dollar hits near 5-month highs
fell sharply on Tuesday in early Asian trading as new economic data in the U.S. lifted the dollar to its highest level in more than four months.
This development, marking an end to 16 months of contraction, challenges the likelihood of imminent Federal Reserve rate cuts. A stronger dollar typically makes assets priced in dollars, such as Bitcoin and gold, more expensive and less attractive, potentially reducing demand. Moreover, a continuously strong dollar can lead to global financial tightening, reducing investors' appetite for risk assets.
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