Bitcoin Surges as U.S. Dollar Continues to Plunge
Earlier this Friday, Bitcoin, the leading cryptocurrency by market cap, surged to an intraday high of $81,025.
Meanwhile, the U.S. dollar index (DXY) plunged to 99.705, the lowest level since April. The widely tracked index shows the strength of the greenback against a slew of foreign currencies.
Meanwhile, the price of gold has hit a new record high of $3,220, extending its record-breaking run.
There is some speculation that Asian investors are currently selling dollar assets and buying gold.
The 10-year Treasury yield is on the verge of breaking 4.5%, causing more investor angst.
The miserable triple whammy
As noted by analyst Pietro Vintani, the combination of surging rates and the plunging currency is typical during crises in emerging markets.
Meanwhile, U.S. stock futures were in the red earlier today after plunging sharply lower on Thursday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
No relevant data is available