All Eyes on the U.S. Dollar as Bitcoin Attempts to Recover

Bitcoin fell extremely hard over the weekend and into Monday after reaching $42,000 last week. The cryptocurrency’s drop came as the U.S. dollar index bounced around 0.7%. The recovery taking place now also coincided with a drop in the U.S. dollar index. Analysts say that it’s important to keep an eye on this market moving forward. Bitcoin Could Lose Even More as U.S. Dollar Hits Key Level Bitcoin fell extremely hard over the weekend and into Monday after reaching $42,000 last week. The cryptocurrency fell from those aforementioned highs to $30,000 in a massive flush lower on Monday, liquidating billions worth of positions. The drop in the market was based on macro trends, some have indicated. Bitcoin’s drop on Monday coincided with weakness in the strength of foreign currencies, which had trended higher against the U.S. dollar over the past few months. The U.S. dollar index bounced around 0.7%, which…

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