Blow to Bitcoin as US Dollar Shows Signs of Further Strength This Week

DRwGWOEB 980x580

Investors predicting sharp upsides in the Bitcoin market could meet a string of aversions from a bullish US dollar outlook. On Friday, the greenback inched higher–and the Bitcoin price slipped lower–after the news that Donald Trump and his wife Melania had tested positive for coronavirus. The report appeared when investors were already preparing for extended uncertainty around the November 3 presidential election. US dollar index (DXY) steady following last week’s rebound move. Source: Mr. Trump had repeatedly indicated that he might challenge the outcome of the poll over his fears of “voter fraud.” That elevated expectations of too high market volatility during the election season. As a result, investors moved back into the safety of what they presumed is the safest haven asset: the US dollar. After easing for a while following its pullback from 94.74 (as shown in the chart above), the US dollar index found its bullish…

Read the original article here