US Dollar Rebounds Strongly, Bitcoin Hits New High: Trump Effect in Play?
US Dollar Rebounds Strongly, Bitcoin Hits New High: Trump Effect in Play?On the morning of November 6th, the US Dollar Index staged a strong rebound, breaking through the 105 mark and surging by 1.6% on the day
US Dollar Rebounds Strongly, Bitcoin Hits New High: Trump Effect in Play?
On the morning of November 6th, the US Dollar Index staged a strong rebound, breaking through the 105 mark and surging by 1.6% on the day. The dollar rose by 0.7%, 1.7%, 1.3%, and 1.9% against the Canadian dollar, Norwegian krone, Swiss franc, and Swedish krona, respectively. Meanwhile, Bitcoin continued its upward climb, hitting a new all-time high of $74,711.1.
The strong performance of the US Dollar Index is linked to the approaching US presidential election day. The market generally anticipates that the election results will have a significant impact on future US economic policy. As the world's primary reserve currency, the dollar's movements are often influenced by political events.
On the other hand, Bitcoin's continued rise is being interpreted by the market as the "Trump trade." As a known supporter of digital assets, Trump has repeatedly expressed his positive stance on cryptocurrencies during his campaign. This has sparked market expectations that a Trump victory could lead to policies favorable to digital assets.
According to Coinglass data, the virtual currency market is showing an overall upward trend. As of 12:30 PM Beijing time on November 4th, Bitcoin was up over 9%, Ethereum rose by more than 6.7%, and Dogecoin surged by a whopping 28.78%. However, it's worth noting that over the past 24 hours, the virtual currency market has seen nearly 100,000 liquidations, totaling $466 million (approximately 3.3 billion yuan).
Furthermore, Hong Kong-listed cryptocurrency concept stocks have also seen broad gains. By midday, Xiong'an Technology (01647.HK) was up over 35%, OSL Group (00863.HK) gained nearly 15%, and OKEx Technology (01499.HK) rose close to 10%.
It's important to note that the information above is for reference only and does not constitute investment advice. Investors should make cautious decisions based on their own circumstances and bear the risks themselves.
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