Dollar drops to a 15-month-low and Bitcoin back to $9K

Source : Dollar drops to a 15-month-low and Bitcoin back to K
Inflation fears and market pressure drove the Dollar to a 15-month-low. Market Analysts believe the poor performance of retail sales is to blame. Bitcoin, on the other hand, rose above $9000 for the second time in the past weeks and is now struggling to break the key resistance at $9300.
Pervez Shaikh, veteran FX trader and now retired Financial Advisor spoke to AMBCrypto and says,
“Market skepticism is there in both markets, the Aussie Dollar faced similar situation just sometime back before regaining some momentum. Bitcoin’s swings are too much for me to handle but the past 2 weeks have shown some promise and is not as volatile as it was maybe a month ago”
AUD/USD rose 0.7866, with an intra-day high at 0.7851, and a low at 0.7851. The US market awaits crucial inflation data which will get more clarity this coming few days and negative news could further push USD to lower marks.
Elijah Markus, a Market Analyst from New York says,
“With a large inflation expected here [the US] the markets are going to be tense, the slow and gradual rise of Bitcoin from $6000 mark to now above $9200 might lure a lot of traditional investors to cryptocurrencies”
Japanese Yen gained momentum and rose 0.9 the most since November of 2016 versus the dollar and a lot of investors took solace in Yen. The Yen was later trading at 107.12.
Cryptocurrency enthusiasts earlier last year had spoken about how cryptocurrency markets would remain unaffected from the market outside. Although the crypto volatility would be extreme for a traditional investor, it has attracted a lot of mainstream VCs to diversify a major portion of their portfolio to cryptocurrencies.
Kane Jacobson, a Bitcoin miner and a currency intraday trader from Wellington spoke to AMBCrypto and says,
“Ever since my first profits in 2013 I have diversified over 50% of my portfolio to cryptocurrencies. The heavy swings are part of the adrenaline. It is not for everyone. There have been multiple rumors about inflation and a big drop coming. I guess the principle remains the same, buy in the dip, sell when it peaks”
The post Dollar drops to a 15-month-low and Bitcoin back to $9K appeared first on AMBCrypto.

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