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Concerns over the U.S. dollar's impact on Bitcoin may be overstated by investors, particularly in the longer term. The Dollar Strength Index (DXY) achieved its highest level in nearly 10 months on Sep. 22, indicating growing confidence in the U.S. dollar compared to other fiat currencies like the British pound, euro, Japanese yen, and Swiss franc. DXY "golden cross" confir Moreover, investors are concerned that this surge in demand for the U.S. dollar might pose challenges for Bitcoin (BTC) and cryptocurrencies, although these concerns are not necessarily interconnected. U.S. Dollar Index (DXY). Source: TradingView The DXY index confirmed a golden cross pattern when the 50-day moving average surpassed the longer 200-day moving average, a signal often seen as a precursor to a bull market by technical analysts. Impacts of the recession and inflation risks Despite some investors believing that historical trends are determined solely by price patterns, it's important to...

Republican House Financial Services Committee representatives have put forward a bill prohibiting the Federal Reserve from issuing digital dollars directly to individuals. “State CBDC Anti-Regulatory Legislation” was proposed by Tom Emmer. Its goal is to strengthen national security, protect Americans’ financial privacy, and prevent the issuance of CBDC without explicit authorization from Congress. Under the proposal, the Federal Reserve could not directly or indirectly hold accounts for individuals or on behalf of individuals. It would also prohibit the head of the Treasury Department from directing the Federal Reserve Board to issue a CBDC. Thus, a central bank digital currency can only be issued with the approval of Congress. “The legislation prohibits the Federal Reserve from using any CBDC to implement monetary policy, ensuring the Federal Reserve cannot use a CBDC as a tool to control the American economy.” Majority Whip Tom Emmer Will crypto bills ge...

Bitcoin found support at $25k (again) YTD performance remains impressive A dovish Fed may trigger even more strength Cryptocurrency investors may have been disappointed by the lack of volatility during the summer months—after all, Bitcoin, the leading cryptocurrency, only consolidated levels.  But one should keep in mind that Bitcoin rallied strongly in 2023. It returned over 61% in the trading year, and the bias remains bullish.  The bullish perspective is even more obvious if one looks at the yearly returns of Bitcoin. Since 2010, only in three years did Bitcoin deliver negative returns.  Buying the dip seems to have worked every time, even though the dips were quite scary.  Will the Fed’s decision boost Bitcoin? Tomorrow, the Federal Reserve of the United States (Fed) is expected to hold the funds rate steady. As always, the details in the FOMC Statement and the press conference will move markets.  Higher inflat...

Crypto traders expecting a price reversal could use this options strategy to get positioned in Bitcoin. Bitcoin’s price broke below its 55-day resistance at $27,000 on May 12, down 12.3% in 30 days. But more importantly, it decoupled from the S&P 500 Index, which is basically flat from 30 days ago and 15% below its all-time high. Bitcoin price in USD (right) vs. S&P 500 futures (left), 12-hour. Source: TradingView As the chart indicates, for some reason, Bitcoin (BTC) investors believe that the favorable macroeconomic trends for risk markets were overshadowed by the increasing risk perception of the cryptocurrency sector. Financial crisis could fuel Bitcoin’s price increase For starters, there’s the impending United States government debt ceiling crisis, which, according to U.S. Treasury Secretary Janet Yellen, could cause an “economic and financial catastrophe." The increased risk of default should, in theory, be beneficial for scarce assets, as investors seek shelter f...

Standing out as one of the most successful assets in 2023, and as Bitcoin (BTC) has hit $30k, one analyst believes the Federal Reserve could trigger a $200 billion price surge. Moreover, Bloomberg reported Michael Novogratz’s expectation of the impending development later this year. The prediction arrives after Bank of America’s forecast on the Bitcoin rally potentially having room to run. Subsequently, as the largest cryptocurrency by market cap continues its current trajectory, the potential for upward movement could benefit the industry greatly. Source: Pixabay Bitcoin in Store for FED-Aided Boom? Following the horrendous crypto winter endured in 2022, there is no question that many had high hopes for the coming year. Specifically, as FTX collapsed, and the industry felt engulfed in a state of fragility, the arrival of 2023 brought with it an abundance of excitement. Yet, that excitement was brought mostly by the performance of the most prominent crypto on the market...