The Dollar Index’s (DXY) recent pullback has crypto traders betting on a continued weakness in the greenback and a renewed bitcoin rally. Societe Generale and Scotiabank expect the dollar to remain firm due to divergent interest rate expectations. Barclays said a potential escalation of trade war between the U.S. and China could bode well for the dollar.
Crypto traders are anticipating a renewed weakness in the U.S. dollar, which would catalyze risk-taking and extend the rally in bitcoin (BTC). However, some banks are forecasting continued dollar strength.
Since mid-March, bitcoin has mainly traded between $60,000 and $70,000, CoinDesk data show. The rally
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