The bitcoin has appreciated on the back of the dollar’s weakening. This opinion is supported by various experts who note that the bitcoin has crossed the $10.8K line for the first time since last September.
According to Pyotr Pushkaryov, chief analyst at TeleTrade, the US dollar has been declining in recent days. As a result, the demand for various financial assets has grown – metals, commodities and currencies are becoming more expensive, Russia Today reports.
Pushkaryov believes the US dollar was influenced by the recent Federal Reserve System policies; the regulator has been printing more money and massively buying bonds on the stock market.
According to Alexei Kiriyenko, Managing Partner at Exante, the US-China confrontation has had a negative impact on the dollar. The trade standoff is also escalating now, so it is bound to worsen the stock market situation, he added.
A for the recent crypto revival, according to the expert, the rise is most likely due to the change in the bitcoin mining rules in spring. The new rules have made the bitcoin mining slower, so the demand has grown higher.