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  • Bitcoin's Fate Tied to Dollar Index: Analyst Brings Crypto World on Edge, Warns of Impending Impact on Crypto Markets!

    As US Dollar Index (DXY) heads to a two-week high, the price of Bitcoin (BTC) saw a dip starting this week. According to TradingView and Cointelegraph MarketsPro data, the strength of BTC price wan after a slight push to $29,680.

    The negative correlation of BTC with DXY is back again as the top cryptocurrency fails to gain upside traction. But all hope is not lost, as one observer believes it will not last long. However, anxiety looms among investors around crypto markets.

    Despite a hike in interest rates, the highest since 2011, by the Federal Reserve, traders have recession concerns and the signals of a slowing economy. The second quarter of the US GDP (Gross Domestic Product) shows a positive forecast at 2.4 % annualized, receding the inflationary pressures.

    Although Bitcoin did not seemingly react after the Wall Street opening, its stocks fell flat. However, some observer is optimistic regardless of the price dip as they believe it's steady. Given the PCE (Personal Consumption Expenditure) index, which shows improvement, it's only expected to go up, but it's still speculative.

    Material Indicators, an on-chain monitoring resource, also suggested that growth in GDP would be a ‘nothingburger’ for crypto. While the GDP may have a minor impact on the market prospects, the main concern lies with the Federal policy and subsequent interest rate decisions.

    The FOMC (Federal Open Market Committee), in its recently concluded press conference, hiked FFR (Federal Funds Rate) by 25bps to 5.50%. It's the highest since February 2021. As per the meeting, future hikes will take a data-dependent approach.

    With further tightening, the prospect of the crypto market looks bleak. Note that last year’s crypto market crash was partly due to tightening. Although its full effect is yet to be felt, one can only hope for steady growth. With further rate decisions based on data, Bitcoin may take a while to hit $31,500.

    According to Standard Chartered analysts, the top cryptocurrency would reach $50,000 this year and, by 2024, $120,000. With DYX slowly gaining back and the green economy still the dominant factor, it's hard to determine.

    Bitcoin Price Dip, Investors Raise Concern Over Binance

    Amid waiting for a Federal Reserve decision policy, BTC’s price saw a sharp decline this week. As per coin metrics, it was at $29,121.60, lower by more than 3%. Earlier, it went as low as $28,995.02, the lowest in more than a month.

    The reason behind this drop is still unknown; however, it overlaps with a Wall Street Journal Report, further escalating anxiety from investors surrounding Binance. The world's largest crypto exchange was sued by the SEC (Securities and Exchange Commission) last month for conducting an illegal trade and not adhering to U.S. Securities rules.

    The Department of Justice is undertaking the investigation, which will likely end in a settlement or a consent decree. It may not be wholly responsible for the price dip of Bitcoin, but it has raised a few eyebrows. Only time will how it unfurls.

    Besides, investors are also keeping a tap on the Federal Reserve, which plays an influential role in determining the market prospect. Despite the flexibility in Bitcoin, traders cannot disregard the slowing economy and impending recessions.

    Going by the recent trend, it's hard for crypto traders to ignore DXY. Given its steady strength and hitting 101.84, the highest since July 11, fluctuations in BTC price is inevitable.

    The U.S. Dollar is the dominant currency having massive influence over global trade. Despite the recent chatter about de-dollarization from different countries,  it is still the preferred currency for trading. As the economy is slowly recovering, the crypto market has become more speculative. Its fate is tied to Dollar Index, a hard pill to swallow.

    While traders expect the Federal Reserve to loosen up on its tightening cycle after the recent hike in interest rates, it's hard to determine now, given its approach to data dependency.

    Elsewhere, major investment company BlacRock files for Bitcoin ETF( Exchange Traded Fund) despite the volatility of the crypto market. However, it's to be noted that the SEC does not applications for spot Bitcoin ETFs due to scrutiny in digital asset regulations.

    But a prominent firm vouching for Bitcoin and the crypto market looks like a ray of hope for traders and investors. Overlooking DXY would be hard, but given the resilience of Bitcoin, it will likely bounce back. Besides, the Federal Reserve policy is also partially responsible for determining the crypto market.

    To be precise, it's not out of the woods yet, but it will come around. However, for now, one can only hope that the price of BTC doesn't dip further. As of today, its BTC price is at $29,291, showing slight positive growth.

    Author DeepWeb
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