The DXY (US dollar index) is breaking out of a bullish pattern today, putting pressure on risk assets like stocks and cryptos.
At the same time, the S&P 500 is breaking down from a significant area.
What could all of this mean for the broader crypto market?
Today, I’ll explain how the US dollar influences risk assets like cryptos and what it could mean for the next few weeks. We’ll also revisit the S&P 500 chart given Monday’s -2% move.
Let’s get it!
Why The USD Matters
Many in the crypto industry hate on the US dollar. And I get it. In terms of inflation, it’s the opposite of Bitcoin, as are all fiat currencies.
However, like it or not, the US dollar is still king when it comes to fiat. It’s still the world’s reserve currency, which means its movement has reverberating effects.
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