- Bitcoin reached a 16-month high, in contrast to the dollar dip and driven by speculations on an impending ETF approval.
- Currently, Bitcoin is trading at a price of $33,851.25, exhibiting an appreciatory surge of 10.16% in one day.
- The US Dollar Index declined to 105.51, following the fall of the US Treasury market.
Bitcoin (BTC), retaining its highest position in the world of cryptocurrencies, continues to garner attention among investors and enthusiasts. The speculations on the impending Bitcoin ETF approval remain a key contributor to Bitcoin’s price.
On October 24, the U.S. dollar plummeted to one-month lows, following the surprising fall of the US Treasury market. Subsequent to Fed Chair Jerome Powell’s comment on the influence of Treasury yields on tightened financial conditions and the lesser need for interest hikes, the market saw a surprising turn on Monday.
Though the 10-year Treasury yield escalated more than 5% for the first time since 2007, it declined suddenly, reaching 4.83%, seriously impacting the value of USD. Losing over 0.5%, the US Dollar Index dwindled to 105.51 and closed at 105.60.
In contrast, Bitcoin is on a positive track, …
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