Dollar and Euro Movements Affect Bitcoin’s Price Finds Study

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A study for the International Research Journal of Marketing & Economics finds that movements in the value of the dollar or the euro affect bitcoin’s price, but not vice versa. “USD prices can cause the movement of the Bitcoin prices, while the Bitcoin prices cannot cause the movement of USD prices. More so, Euro prices can cause the movement of Bitcoin while Bitcoin prices cannot cause the movement of Euro prices,” the study says. That corresponds with general observation regarding the relationship between the dollar in particular and bitcoin’s price. For example, while the dollar was considerably strengthening in 2018, bitcoin fell in price as did many other assets. The reverse was true in 2017 and more recently with a weakening dollar strength index corresponding to a bitcoin price appreciation. Whether bitcoin affects the dollar’s strength is not too clear, however. This study finds not, presumably because bitcoin is still…

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