Bitcoin shows resilience amid DXY surge, defying traditional financial indicators

exchange68September 12, 2024

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Quick Take

The recent surge of the DXY index, with a climb beyond 106 and a looming breach of 107, is a metric that harks back to its performance at the end of November 2022. It was during this period that the cryptocurrency market witnessed a significant disruption, with Bitcoin’s value plummeting amid the FTX collapse, settling around a dismal $16,000 mark.

However, the year 2023 has been a testament to Bitcoin’s resilience. Despite the turbulent circumstances that marked its past, the premier cryptocurrency has demonstrated a commendable rebound, weathering the storm of macroeconomic factors and market convulsions. This observation underlines the independent nature of Bitcoin’s performance relative to traditional financial indicators.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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