Macro· ★★★· neutral·

CryptoQuant: Stronger Dollar Could Cap Bitcoin's Upside

  • —BTC's 90-day correlation with Nasdaq is 0.42, with gold 0.51
  • —Inverse correlation between BTC and the dollar index DXY is -0.36
  • —Since June 12 DXY rose 2.4% while bitcoin gained 29%
  • —This correlation mix occurred on only 11% of trading days since 2014
Why it matters: If the dollar keeps strengthening on Fed policy, bitcoin's rally may slow despite its own demand drivers.
#BTC
Source: Bloomingbit
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