Dollar ascends to year high with crypto value test just around the corner

2023-9-5 16:00

Quick Take

The DXY Index, a measure of the value of the U.S. dollar relative to a basket of foreign currencies, has surged to an apex of 104.6, its loftiest level since March.

This ascendancy exerts significant pressure on global currencies such as the Chinese Yuan (CNY), Japanese Yen (JPY), Euro (EUR), and British Pound (GBP), leading to their weakening. A weakening currency typically incites inflationary pressure, thrusting domestic prices upward and making imports costlier.

While this economic dynamic unfolds, the oil market is not providing respite either. Brent crude oil teeters just below the $89 per barrel mark, and the West Texas Intermediate (WTI) crude oil is priced above $85 per barrel. This persistence of high oil prices compounds the prevailing inflationary pressures.

In this economic landscape, Bitcoin and other ‘risk-on’ assets could encounter growing resistance to upward movement. As traditional safe havens like the dollar increase in strength, the appeal of cryptocurrencies might be tested, thereby making it challenging for such assets to appreciate in value.

Oil and DXY: (Source: TV) Currencies: (Source: TV)

The post Dollar ascends to year high with crypto value test just around the corner appeared first on CryptoSlate.

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Источник: cryptoslate.com

value dollar → Результатов: 126

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As Donald Trump became the first former President to be arrested, he attacked the diminishing value of the U. S. dollar in his first statement to the public following his arraignment. The post Donald Trump Says the U.

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Conflux’s CFX futures open interest spikes to $125M

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DAI recovers after severe depeg caused by USDC ripple effect

MarketDAO’s stablecoin DAI recently experienced a recovery following a de-pegging event that saw the stablecoin drop from the $1 value to $0.88. As the Silicon Valley Bank saga continues, the price of USDC, which is pegged to the US dollar,…

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Bitmex Co-Founder Calls For A Bitcoin-Based Stablecoin

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USDT transaction volume drops to monthly low, but what's the Chinese connection

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Blockchain IM apps to reach over half-billion dollar valuation by 2030

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Ripple’s XRP continues to be choppy. What’s the next likely price action?

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New Zealand Dollar Market Report October 2022

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cryptocurrency rose 350 according largest 390 second

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Algorithmic Stablecoin USDN Falls From Dollar Peg as Liquidity Slumps

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Bitcoin Is Too "Cheap," Euro and U.S. Dollar Are on Their Way up: Crypto Market Review, August 18

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bitcoin meme adoption behind lagging currencies showing

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Meta's NFT Outreach Powers 38% Rally in FLOW Token

The dollar value of open positions in Binance-listed FLOW futures has increased by 345%, validating the price rally.

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flow rally futures binance-listed price increased 345

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Terra Classic (LUNC) vs. Luna 2.0 (LUNA)

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BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% overnight

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Hold on to your hats, Tether USDT shows signs of de-pegging on exchanges

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2022-5-12 12:30	Stablecoins
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Imported Inflation?

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Rough Waters Ahead For The US Dollar

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2022-4-29 03:30	Opinion
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2022-4-5 18:39	Cryptocurrency
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2021-12-30 02:00	USD
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2021-12-24 10:29	xbtusd
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2021-12-11 01:00	ust
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Why Shiba Inu Has Remained The Most Held Asset Amongst Large Ether Whales Despite Price Turmoil

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2021-12-6 18:48	Shiba Inu
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2021-11-30 16:00	Web 3.0
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2021-11-29 05:00	paypal
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