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Home Markets Cryptos

Crypto investors run to US dollar for refuge amid record sell-offs

Ether, the second largest digital currency, fell as much as 4.6%.

Olumide AdesinabyOlumide Adesina
1 year ago
in Cryptos
Bitcoin on dollars
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Bitcoin is declining towards levels previously seen in July 2021 as part of a larger retreat in almost all altcoins as investors flee riskier investments to the safe-haven currency.

Against a backdrop of growing concerns over slowing global economic growth and rising interest rates, the dollar hit a two-decade high on Monday.

Despite rising inflation, the war in Ukraine, and tighter restrictions on COVID-19 in China and Shanghai, investors are confident that U.S. interest rates will rise – and the dollar will follow.

What you should know

  • As a percentage measure of the greenback against six major currencies, the dollar index is up nearly 9% this year and hit a high of 104.090 on Monday.
  • As of the time of writing, the world’s flagship crypto was trading at $33.5K, down 3% on Monday.
  • Ether, the second-largest digital currency, fell as much as 4.6%. Virtual coins were under pressure over the weekend and the downbeat mood continued Monday. Cryptocurrency market capitalization stands at $1.53 trillion, according to Coinmarketcap data.
  • Following several weeks of consolidation above the decisive $37K level, Bitcoin was rejected after another attempt at $40K and plunged below the key support after tremendous bearish momentum. Due to the recent bearish leg, BTC futures have seen massive long liquidations.
  • There is a lot of liquidity (sell stops) below the threshold level due to retail investors frequently purchasing Bitcoin in the $37K range.
  • A significant demand zone of $30K may be the next major support area to be tested as the market grabs resting liquidity. During this bearish leg, the mining industry is expected to sell its reserves at a moderate pace.
  • As a consequence, the RSI indicator has crossed into the oversold zone. A short-term rebound may form a lower high, indicating a new bearish trend is beginning.

Markets around the world are seeing investors flee speculative assets due to tight monetary policy and dwindling liquidity. A stablecoin aimed at maintaining a one-to-one peg to the dollar, TerraUSD or UST, fell below $1 over the weekend before recovering.

A rising interest rate is giving institutional and individual investors pause for thought about the crypto market. Adding Bitcoin could test the $30K level in the next few days due to the downward trend.

Tags: BitcoincryptoDollar

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