{"id":21384,"date":"2023-04-29T12:02:40","date_gmt":"2023-04-29T12:02:40","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/04\/29\/bitcoin-moves-the-cryptocurrency-market-its-dependency-on-the-us-dollar-increased\/"},"modified":"2023-04-29T12:02:40","modified_gmt":"2023-04-29T12:02:40","slug":"bitcoin-moves-the-cryptocurrency-market-its-dependency-on-the-us-dollar-increased","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/04\/29\/bitcoin-moves-the-cryptocurrency-market-its-dependency-on-the-us-dollar-increased\/","title":{"rendered":"Bitcoin moves the cryptocurrency market. Its dependency on the US dollar increased."},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1659202827582-7346371c-bd79-4c79-941a-59764f4a963f-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1659202827582-7346371c-bd79-4c79-941a-59764f4a963f-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1659202827582-7346371c-bd79-4c79-941a-59764f4a963f-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1659202827582-7346371c-bd79-4c79-941a-59764f4a963f-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2022\/07\/1659202827582-7346371c-bd79-4c79-941a-59764f4a963f.jpg\" alt=\"\" width=\"100%\" height=\"100%\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Bitcoin moves the cryptocurrency market\u00a0<\/li>\n<li>Its dependency on the US dollar elevated\u00a0<\/li>\n<li>Bitcoin holders higher imagine that the US dollar is in a bearish market<\/li>\n<\/ul>\n<p>Investing in the cryptocurrency market just isn&#8217;t for everybody. Volatility, for instance, is far increased than in different markets.\u00a0<\/p>\n<p>Sometimes, for no obvious cause, the costs of assorted cryptocurrencies bounce or decline aggressively, resulting in hypothesis that the market is rigged. Lack of regulation may clarify the moves, however certainly traders marvel what moves the cryptocurrency market.\u00a0<\/p>\n<p>The one and the solely reply is Bitcoin. Its share of the complete cryptocurrency market capitalization nears 50%.\u00a0<\/p>\n<p>In different phrases, if Bitcoin\u2019s worth is rising, Ethereum or different cryptocurrencies can\u2019t decline. And the different means round is true \u2013 if Bitcoin enters a bearish market, the different cryptocurrencies will comply with.\u00a0<\/p>\n<p>Therefore, the proper query just isn&#8217;t what moves the cryptocurrency market however what moves Bitcoin?\u00a0<\/p>\n<p>Lately, Bitcoin moves following developments in the conventional foreign money market. More exactly, it follows the dollar.\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/03\/29\/1682768996887-a97c4883-bc7f-40ce-9f4d-0ae1f1c58447.jpg\" style=\"width: 1800px\" class=\"fr-fic fr-dib\" width=\"1800\" height=\"484\"\/><\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=CRYPTO\" rel=\"noopener noreferrer\" target=\"_blank\">Bitcoin chart by TradingView<\/a><\/p>\n<h2>Bitcoin follows the dollar\u2019s energy or weak spot<\/h2>\n<p>The chart above reveals Bitcoin\u2019s efficiency from late 2021 to the current. Above, in orange, is the dollar index (DXY).\u00a0<\/p>\n<p>It reveals clearly that in the bear market of 2022, Bitcoin declined whereas the dollar strengthened. EUR\/USD dropped under parity in 2022, buying and selling as little as 0.96 at one level. The euro is the essential element of the DXY, and thus the EUR\/USD foreign money pair is the related one to think about.\u00a0<\/p>\n<p>Bitcoin dropped, too, buying and selling nicely under $20k.\u00a0<\/p>\n<p>But then, in October 2022, the dollar bottomed. EUR\/USD bounced above parity and rallied into the yr\u2019s finish.\u00a0<\/p>\n<p>It took Bitcoin till the finish of the yr to meet up with the dollar\u2019s weak spot. Eventually, it bounced too, rallying in 2023 and gaining over 75% in 4 months.\u00a0<\/p>\n<p>To sum up, Bitcoin holders higher imagine that the US dollar will weaken lies forward. Otherwise, it&#8217;s troublesome to carry Bitcoin if the dollar enters a bull market.\u00a0<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this text<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/what-moves-the-cryptocurrency-market\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin moves the cryptocurrency market\u00a0 Its dependency on the US dollar elevated\u00a0 Bitcoin holders higher imagine that the US dollar is in a bearish market Investing in the cryptocurrency market just isn&#8217;t for everybody. Volatility, for instance, is far increased than in different markets.\u00a0 Sometimes, for no obvious cause, the costs of assorted cryptocurrencies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[4],"tags":[20,428,6733,1394,5048,41,1534],"class_list":["post-21384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-bitcoin","tag-cryptocurrency","tag-dependency","tag-dollar","tag-increased","tag-market","tag-moves","entry","has-media","owp-thumbs-layout-horizontal","owp-btn-normal","owp-tabs-layout-horizontal","has-no-thumbnails","has-product-nav"],"_links":{"self":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/21384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/comments?post=21384"}],"version-history":[{"count":1,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/21384\/revisions"}],"predecessor-version":[{"id":21385,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/21384\/revisions\/21385"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/media\/21386"}],"wp:attachment":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/media?parent=21384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/categories?post=21384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2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