Bitcoin

Ethereum

Bitcoin, the world&#39;s leading cryptocurrency, experienced a significant drop, falling to a two-month low of $26,188 in the wake of rising dollar strength and a decline in activity surrounding the Ordinals hype. This decline comes as the dollar index (DXY), which measures the value of the dollar against other global reserve currencies, displayed a strong uptick, nearing monthly highs.Historically, Bitcoin has had an inverse relationship with the dollar, meaning that as the dollar strengthens, Bitcoin tends to weaken. Following the dollar&#39;s surge, Bitcoin showed signs of weakness, dropping below the $27,000 mark. Within the span of 24 hours, Bitcoin&#39;s price fell by 4%, resulting in $50.4 million in liquidated future orders, as reported by Coinglass data. Notably, approximately 85% of these liquidations were associated with leveraged-long traders.The overall cryptocurrency market experienced a 3% loss, with total liquidations amounting to $143 million. Ethereum, the second-largest cryptocurrency, also saw a decline of 3.4%, slipping below the $1,800 level for the first time since March 28. In addition, PEPE, a meme coin that gained immense popularity, plummeted by more than 23% overnight.Read more articles on <a href="Blockchainmedia.id" rel="noopener noreferrer nofollow">Blockchainmedia.id</a>, the pioneer of blockchain-crypto cyber media in IndonesiaThese developments highlight the interplay between the performance of Bitcoin, the strength of the dollar, and market sentiment surrounding emerging cryptocurrencies like PEPE. The rise in the dollar index suggests increased confidence in the US currency, potentially fueled by economic factors or shifting market dynamics. As the dollar gains strength, investors may view it as a safer alternative to volatile cryptocurrencies, leading to a decline in their demand and value.Furthermore, the cooling of Ordinals activity likely contributed to Bitcoin&#39;s decline. Ordinals, a term often associated with unique and exclusive digital assets, has experienced significant hype in recent months. However, as the excitement wanes and market participants reassess their investments, it is not uncommon to witness a decrease in activity and subsequent price corrections.It is worth noting that the cryptocurrency market remains highly volatile, subject to rapid price fluctuations influenced by various factors such as market sentiment, regulatory developments, and macroeconomic conditions. While Bitcoin&#39;s recent drop may be concerning for some investors, it is essential to consider the long-term trends and overall market dynamics before drawing conclusions about the future of cryptocurrencies.As the market continues to evolve, it is crucial for investors and enthusiasts to stay informed and exercise caution. Understanding the relationship between cryptocurrencies and traditional financial instruments like the dollar can provide valuable insights into market trends and potential investment opportunities. []

Bitcoin Hits Two-Month Low Amid Dollar Strength, Cooling Ordinals Activity

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