Conventional wisdom holds that if the dollar is stronger, assets such as cryptocurrencies get cheaper. Yet is that really the case?
Higher interest rates fuel demand for dollars . The U.S. Dollar Index, which measures the greenback against a basket of six foreign currencies, is now trading at a 20-year high after surging about 20% in the last year. In that time, bitcoin has dropped a whopping 58%. Nonetheless, it’s worth cautioning that one shouldn’t read too much into this. After all, crypto is still in its nascent stages compared to other asset classes. It has its own idiosyncrasies and prices move for reasons other than, say, dollar strength.
Furthermore, prices often appear to move in relation to the market’s attitude toward risk. Cryptocurrencies are still very much “risk on.”Losses since CPI Announcement on September 13, 2022, Sept. 13-20, 2022
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lvlewitinn the CoinDesk Culture & Entertainment Index (CNE) – chock full of NFT-related and metaverse coins like ApeCoin’s APE, Decentraland’s MANA and The Sandbox’s SAND – slipped by “only” 6.9%, better than four equity sectors. bnb cro annex
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lvlewitinn Dollar strength is a unilateral and powerful force Annex AnnFam CRO
lvlewitinn The U.S. Dollar Index, which measures the greenback against a basket of six foreign currencies, is now trading at a 20-year high after surging about 20% in the last year. cronos cro Annex
lvlewitinn Higher interest rates fuel demand for dollarsAnnex AnnFam
lvlewitinn so raising borrowing costs, it’s hoped, will make money a little more expensive and thus cool the hot economy. Yellow YellowFam Annex
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lvlewitinn This past week, the Federal Reserve did exactly what most people predicted: It raised the fed funds rate by 75 basis points – for the third time in a row Annex AnnFam yellow
lvlewitinn Conventional wisdom holds that if the dollar is stronger, assets such as cryptocurrencies get cheaper. Yet is that really the case?Yellow $HOD $YELLOW
lvlewitinn Not all cryptocurrencies are the same; how they react to a world with inflation and higher interest rates greatly depends on what sector they are in Cronos cro Annex
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lvlewitinn The CoinDesk Smart Contract Platform Index (SMT) – which includes the likes of ether (ETH), Cardano’s ADA, and Solana’s SOL – tumbled 19.8% bnb cro annex
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lvlewitinn The CoinDesk Market Index (CMI), a cap-weighted index of 148 of the largest cryptocurrencies, slid 13.5% during those seven days. Annex bnb Yellow
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lvlewitinn As a whole, crypto fared far worse than equities in the week following the CPI data release Annex bnb Yellow
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lvlewitinn Drill down into sectors, though, and we find that some didn’t do as badly as others. Annex bnb Yellow
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