Bitcoin continues its descent falling to under $42,000 as the dollar index tops 100 for the first time in two years. reports godbole17
Investors looking for clues on bitcoin's recent failure to cheer continued accumulation by the Luna Foundation Guard may want to look at the ever-growing list of macro risks and what's happening in traditional markets.
"The DXY strength is part of it, but overall it's more market uncertainty, macro concern and a focus on what rates will do," Acheson said in a Telegram chat. Griffin Ardern, volatility trader from crypto asset management firm Blofin, said,"when the DXY has reached highs and climbed further, it usually indicates further declines in other assets, whether it is the stock market, cryptocurrencies, or FX."
The cryptocurrency's sensitivity to equity markets is also a cause for concern. The big tech is suffering as the liquidity available to allocate to high-growth sectors is dwindling with markets pricing faster tightening by the Fed."We also have increasingly frequent reports of tech company shutdowns, layoffs and/or dwindling term sheets," Acheson noted.Arthur Hayes, co-founder and former CEO of crypto spot and derivatives exchange BitMEX.
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