Bitcoin Usa markets Dollar Interest rates Bitcoin Usa

Bitcoin's inverse correlation with US dollar hits 17-month highs — what's next for BTC?

Reading now: 750

Bitcoin (BTC) has been moving in the opposite direction of the U.S. dollar since the beginning of 2022 — and now that inverse relationship is more extreme than ever.Notably, the weekly correlation coefficient between BTC and the dollar dropped to 0.77 below zero in the week ending July 3, its lowest in seventeen months.

Meanwhile, Bitcoin's correlation with the tech-heavy Nasdaq Composite reached 0.78 above zero in the same weekly session, data from TradingView shows.That is primarily because of these markets' year-to-date performances amid the fears of recession, led by the Federal Reserve's benchmark rate hikes to curb rising inflation.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News