Bitcoin slips below $65,000 amid stronger US Dollar; BNB, Shiba Inu drop over 3%
Bitcoin was trading 1.3% lower at $64,592 as of 11:56 a.m. IST, while Ethereum was below the $3,550 level.
The dollar index, which measures the currency against six major peers including the yen, sterling, euro, and Swiss franc, spiked 0.41% overnight.
The dollar last traded 0.05% stronger at 159.015 yen. The U.S. currency added 0.07% to 0.89165 Swiss franc, following a 0.78% surge overnight.
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View Details»The dollar index was little changed at 105.66, on course for a slight weekly gain that would extend its winning streak to three weeks.
A rise in the dollar index is generally negative for Bitcoin because it indicates a stronger U.S. dollar, leading investors to move away from riskier assets like cryptocurrencies.
Meanwhile, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, «Bitcoin's fall below $65,000 was partly due to crypto hedge funds reducing their exposure to Bitcoin to 0.37, the lowest since October 2020. This cautious approach by hedge funds, driven by expected volatility, macroeconomic conditions, or regulatory uncertainties,
