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The U.S. dollar (USD) is reportedly one of the strongest fiat currencies in a long time. In the last decade, the USD outperformed 115 national currencies, of which 17 are from G20’s member countries. However, the United States legal tender was strongly outperformed by Bitcoin (BTC) in the same 10-year period. Data retrieved by Finbold from Bitstamp’s BTC/USD price chart on TradingView shows that even the fiat currency from one of the most wealthy countries of all time has not been able to keep its value against the leading cryptocurrency by market capitalization. From September 30, 2013, to the same day 10 years later in 2023, the U.S. Dollar lost 99.52% of its value against Bitcoin. Interestingly, it also represents a price appreciation superior to 22,000% for BTC against the USD. BTCUSD 1W historic price chart from Bitstamp. Source: TradingView Notably, the Chinese central bank began to crack down on Bitcoin in late 2013, prohibiting local financial institutions from handling...

Even with a price correction to $29,000, several Bitcoin price metrics show traders casting bets on a quick rebound. On July 24, Bitcoin (BTC) experienced a flash crash, plummeting to $29,000 in a movement now attributed to significant BTC holders potentially liquidating their positions.  Amidst the crash and market uncertainty, Bitcoin's three major trading metrics continue to project a bullish outlook, signifying that professional traders have not reduced their leverage longs through the use of margin and derivatives. Analytics firm Glassnode reported a surge in whales' inflow to exchanges, reaching its highest level in over three years at 41% of the total. This forceful sell-off from whales alarmed investors, especially in light of the absence of any significant negative events impacting Bitcoin in the past month. Notably, a major concern stems from the ongoing court cases by the U.S. Securities and Exchange Commission (SEC) against leading exchanges, Binance and Coinbase....

Bitcoin bulls have failed to step in, increasing the chance for a retest of the $29,500 support. Bitcoin (BTC) remains stuck inside a narrow range, making it difficult to predict the direction of the next possible breakout. The United States dollar index (DXY), which generally moves in inverse correlation to Bitcoin, dropped below 100 but that has failed to propel Bitcoin higher. This suggests that Bitcoin is charting its own course in the near term. Therefore, the earnings season from big companies this week may sway the U.S. equities markets but may not have the same effect on Bitcoin. It is becoming increasingly difficult to pinpoint the event or the news flow that will cause Bitcoin’s price to escape the range. Daily cryptocurrency market performance. Source: Coin360 The uncertainty about Bitcoin’s next directional move has not deterred the whales. CryptoQuant’s contributing analyst SignalQuant highlighted that the on-chain indicator, the unspent transaction outputs, has been risi...

The stablecoins with the largest market cap are pegged to the U.S. dollar, so what risk does de-dollarization pose to stablecoin users? It is an empirical fact that the United States dollar is continuing to lose its dominant role as the global reserve currency, but what might happen to the stablecoin market should it be superseded? According to data from the International Monetary Fund, the U.S. dollar now accounts for just over 58% of global foreign exchange reserves, a considerable decrease from the 71% share it had in 2001. Global foreign exchange reserves from 1999 to 2021. Source: IMF Jeremy Allaire — the CEO of USD Coin (USDC) issuer Circle — highlighted this shift at the April 26 Consensus 2023 conference, arguing that the U.S. must implement stablecoin legislation and digitize the U.S. dollar to remain competitive amid the “very active de-dollarization taking place.” De- dollar ization refers to the process of reducing the use of the U.S. dollar in a country’s economy, and ...

Argentina's pesos have crashed 99% versus the U.S. dollar since the beginning of the currency crisis in 2018. Last week, the price of Bitcoin (BTC) reached a record high in Argentine Pesos (ARS) terms following persistent inflation in Argentina. Argentina's inflation pushes BTC price to all-time high On April 18, the BTC-to-ARS exchange rate crossed over 6.59 million ARS, according to aggregated price data tracked by Google Finance. Since the peak, the rate has corrected to around 6 million ARS, down 9%, but still up more than 100% year-to-date (YTD). BTC/ARS price performance so far in 2023. Source: Google Finance Bitcoin's growth in the Argentine Markets coincides with the continuous ARS devaluation. For instance, traders were paying as low as 460 ARS to buy a Dollar note from the black market on April 24 — more than double the official spot rate that pays 220 ARS for the dollar.  FMyA, a U.S.-based consultancy firm, notes that the Argentine central bank's reserves ...

Bitcoin and U.S. equities markets are attempting to recover, but selling at overhead resistance could continue to weigh on the bullish momentum. Bitcoin (BTC) and the United States equities markets are trying to start the week on a positive note but some analysts are skeptical about the short-term prospects of the markets. According to Bloomberg Intelligence senior macro strategist Mike McGlone, Bitcoin will face significant resistance at $25,000. McGlone believes that it “may be a while before buy-and-hold types gain the upper hand.” It also looks like Bitcoin whales, unique entities owning 1,000 Bitcoin or more, are also not convinced of the recovery in the crypto markets. According to Glassnode, Bitcoin whale numbers have fallen to 1,663, which is well below the peak of 2,161 hit in February 2021. Daily cryptocurrency market performance. Source: Coin360 It is difficult to catch the bottom in any market. Hence, traders should try to build a portfolio when they believe that the downt...

Bitcoin fails to catch a break after "hot" PCE numbers punish U.S. stocks and brings DXY back from the brink of breakdown. Bitcoin (BTC) stayed lower at the Feb. 24 Wall Street open as United States macroeconomic data showed inflation biting back. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView PCE sparks fresh doubts on inflation Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded in a narrowing range around $23,800. The pair saw an attempt to reclaim $24,500 the day prior, but this ultimately proved unsuccessful as resistance kept gains in check. Bitcoin nonetheless saw only a muted reaction to the latest U.S. Personal Consumption Expenditures (PCE) Index print, which at 4.7% versus 4.3% forecast suggested that inflation was not ebbing as quickly as hoped. For popular commentator Tedtalksmacro, this was cause for the Federal Reserve to consider a larger interest rate hike at its March meeting — a potential headwind for risk assets ...