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COINTURK NEWS > Cryptocurrency News > Strong Dollar Pressures Cryptocurrency Market
Cryptocurrency News

Strong Dollar Pressures Cryptocurrency Market

In Brief

  • The strong dollar has adversely impacted the cryptocurrency market.

  • US and Asian market declines have contributed to this downturn.

  • Decreased expectations for rate cuts also pressured Bitcoin prices.

İlayda Peker
İlayda Peker 6 months ago
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On the second to last day of the year, the strong dollar put the cryptocurrency market under pressure. XRP experienced a decline of over 5%, while Dogecoin $0.17018 (DOGE), Solana $145 (SOL), Ether (ETH), and BNB saw decreases of up to 2%. Consequently, the overall cryptocurrency market observed a 3% loss.

Contents
Declines in Asian and US Markets Impact CryptocurrenciesDiminished Rate Cut Expectations Negatively Affect Bitcoin

Declines in Asian and US Markets Impact Cryptocurrencies

US stocks weakened due to uncertainty as the year draws to a close. Similarly, Asian markets declined in parallel to this effect. The markets weakened further as traders reduced their year-end positions. Notably, the Asia-Pacific index reversed five days of gains, while futures for the US indices S&P 500 and Nasdaq also indicated losses.

The strengthening dollar negatively affected cryptocurrencies. As cryptocurrencies moved inversely to the US Dollar Index (DXY), the strong dollar made dollar-denominated assets more attractive. Investors shifted towards US Treasury bonds and stocks in this strong dollar environment, diminishing hopes for a continued rally in the cryptocurrency market. The anticipated “Santa rally” in December concluded with a 4% drop in Bitcoin $104,433 prices.

Diminished Rate Cut Expectations Negatively Affect Bitcoin

Recently, decreased expectations for rate cuts by the US Federal Reserve have pressured the prices of Bitcoin and other cryptocurrencies. Maksym Sakharov, co-founder of WeFi, stated, “Bitcoin and altcoins have not maintained their price peaks despite consolidating with rate cut expectations. Sales stem from the market’s reactions to macroeconomic uncertainties.”

Experts indicate that improvements in regulatory environments and increasing institutional participation offer positive signals for cryptocurrencies in the long term. However, the strength of the dollar and uncertainties in monetary policy may adversely affect the markets’ short-term performance. Therefore, traders should approach the fluctuations in the cryptocurrency market with caution.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 30 December, 2024 - 12:14 pm 30 December, 2024 - 12:14 pm
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