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Bitcoin on Track to Record First Monthly Drop Since January

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Fri, 29/04/2022 - 18:46
Bitcoin on Track to Record First Monthly Drop Since January
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Bitcoin, the flagship cryptocurrency, is on track to record another month in the green. It has so far plunged roughly 14.8% in April.

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BTC
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The top cryptocurrency had a rough start this year, dropping by over 15% in January. That was the worst start to a new year for Bitcoin since the brutal bear market in 2018.    

In late March, Bitcoin surged to a new yearly high of $48,234, but its momentum fizzled out after bulls failed to gain footing above key resistance levels.   

In the meantime, the U.S. dollar reached the highest level two decades earlier this week.

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The U.S. dollar index (DXY), which measures the performance of the greenback relative to a basket of other foreign currencies, managed to hit 103.9 on Thursday.

DXY
Image by tradingview.com

The Japanese yen has lost its safe-haven status, plunging to the lowest level against the dollar earlier this week after Bank of Japan Governor Haruhiko Kuroda confirmed his commitment to the long-standing ultra-easy monetary policy. In such a way, the central bank would be able to continue defending its yield target.

A weak dollar usually serves as a tailwind for the world’s largest cryptocurrency. In late 2020, for instance, the DXY index dropped below 90 to hit the lowest level in more than two years. This coincided with a big runup in Bitcoin prices.

Bitcoin has so far failed to regain the $40,000 despite the dollar giving up some gains. The largest cryptocurrency is currently trading at $38,660 after slipping almost 3% over the past 24 hours.

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