While the US Dollar Index Weakens, Bitcoin Aims to Hold Above $27,000!

  • It has been a dynamic Friday morning for the crypto market. Bitcoin (BTC) has seen a 2.4% increase in the last 24 hours, pushing its price above $27,000.
  • On Thursday, the announcement that VanEck’s Ethereum futures ETF would be launched soon created bullish sentiments in the market.
  • The US Dollar Index (DXY) fell for the second consecutive day, dropping by 1.13% from its annual peak of 106.8 points against other global reserve currencies.

As the US Dollar Index fell from its peak of 106.8 points, Bitcoin’s price gained momentum, now trading above $27,000!

US Dollar Weakens on Friday

bitcoin-btc

It has been a dynamic Friday morning for the crypto market. Bitcoin (BTC) has seen a 2.4% increase in the last 24 hours, pushing its price above $27,000. Ethereum (ETH) has also experienced a 3.3% increase and gained support above $1,650.

According to Bitfinex analysts, several factors contributed to this bullish price surge, including the news of the Ethereum futures ETF, a 2% increase in the S&P 500 index, and approximately $80 million in short position liquidations in the past 24 hours.

On Thursday, the announcement that VanEck’s Ethereum futures ETF would be launched soon created bullish sentiments in the market. The weakness in the value of the dollar may have also contributed to these bullish trends.

The US Dollar Index (DXY) fell for the second consecutive day, dropping by 1.13% from its annual peak of 106.8 points against other global reserve currencies. Last year, the dollar maintained an inverse correlation with the stock and crypto markets when the US central bank began raising interest rates.

According to CoinGlass data, the liquidation of short positions in the futures market, totaling approximately $80 million, also contributed to buying pressure, with Bitcoin and Ethereum leading the way, according to Bitfinex analysts.

Altcoins are showing bullish movements

The rest of the crypto market, taking cues from the gains in Bitcoin and Ethereum, has generally experienced bullish gains. According to COINOTAG data, as of yesterday, the total crypto market capitalization increased by 2.2%, adding approximately $25 billion in value.

Sui Network (SUI) and PepeCoin (PEPE) led the market with double-digit gains of 12.6% and 10.8%, respectively, in terms of market capitalization.

ApeCoin (APE), Thorchain (RUNE), and Arbitrum (ARB) followed with gains ranging from 6% to 8% overnight.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

MARA Invests $550 Million in Bitcoin (BTC), Boosting Holdings to 33,875 BTC Amid Record Financing

On November 23, COINOTAG reported that crypto mining giant...

Democratic SEC Commissioner Jaime Lizárraga Resigns, Leaving Trump with Opportunity to Reshape SEC Majority

In a significant development for the U.S. Securities and...

ZKasino’s Alarming Embezzlement: 5,270 ETH and 11.5M DAI Manipulated for On-Chain Leverage Long ETH

On November 23rd, COINOTAG News reported a concerning development...

German Government Sells 49,858 Bitcoins, Missing Out on $2.03 Billion Profit

Recent reports from Arkham Data reveal that the German...

Unlocking BTC Liquidity: Zeus Network Launches Phase One of ZEUS Token to Transform Solana’s DeFi Ecosystem

On November 23rd, COINOTAG News reported that Zeus Network...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img