Sunday Adams Tegwi
@tegwi
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Bitcoin Plunges to $89K Before Rapid Recovery
Bitcoin experienced significant volatility in recent hours, dropping to $89,300 before swiftly rebounding to $94,000. The primary driver was the surge in the US Dollar Strength Index (DXY) to a peak of 110.1, which exerted pressure on Bitcoin and broader financial market.
However, the index has begun to decline, indicating that it may have reached its peak.
The rise in the US dollar, as measured by the DXY, reflects the cautious sentiment of large investors who are opting to hold cash and short-term bonds.
Concurrently, geopolitical tensions have escalated as the US imposed stricter sanctions on Russian crude oil exports, disrupting supply chains for major consumers like China and India.
Interestingly, Bitcoin’s rally coincided with news that Donald Trump is preparing executive orders to support the cryptocurrency industry on his first day in office. 0 reply
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