Market Update: Dollar Index Dips to Three-Year Low as BTC Nears $108,000
Despite ongoing tensions in the Middle East, Bitcoin keeps gaining ground.
Despite the ongoing tensions in the Middle East, Bitcoin keeps gaining ground. At the time of writing, the leading crypto trades around $107,500, a 0.6% rise over the last 24 hours.
Ethereum follows with a price near $2,500 and even shows a gain of just over 1% in the same period. XRP remains virtually unchanged, while Solana is slightly in the red. The broader altcoin market meanwhile sits flat, allowing Bitcoin's dominance to edge higher again.
Crypto analyst Byzantine General sums up the mood well:
A key factor behind Bitcoin’s strength is the softening US dollar. The US Dollar Index (DXY) dipped to 97.50 on Wednesday, the lowest in more than three years.
Macro economist Lyn Alden notes:
More and more international investors seem to be moving away from the policies of the current U.S. administration, seeking refuge in alternative assets, including Bitcoin.
Today investors are looking forward to the new US GDP revision, followed by the PCE inflation data and the University of Michigan consumer sentiment index at the end of the week. Still, the focus for now remains on the geopolitical situation in the Middle East — a factor that seems to have less grip on Bitcoin over time.
