MARKETS DAILY: Crypto Update | Bitcoin’s Dollar Correlation Wanes, DeSantis Says ‘Not Happening’ to CBDCs

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4.7 • 698 Ratings

🗓️ 18 July 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin's negative correlation with the U.S. dollar index (DXY) is an indicator to watch before the Fed’s upcoming meeting. Today's episode is sponsored by Kraken Pro. Today's Stories: Ron DeSantis Promises to Ban CBDCs if Elected President Florida Governor Ron DeSantis: ‘Bitcoin Represents a Threat to the Current Regime’ Coinbase CEO Brian Armstrong to Meet House Democrats About Crypto Legislation: Bloomberg Markets Links: BRN00 | Brent Crude Oil Continuous Contract Overview | MarketWatch Monday, July 17, 2023 - by Noelle Acheson Bitcoin Cannot Remain Indifferent to Dollar Index for Long: Analyst - From our sponsors: Meet the all-new Kraken Pro. The powerful, customizable, beautiful way to trade crypto. It’s Kraken's most powerful trading platform ever - packed with trading features like advanced order management and analytics tools — all in a redesigned, modular trading interface. Head to pro.kraken.com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax. - This episode was hosted by George Kaloudis. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by Cracken.
0:08.2	It's Tuesday, July 18th, 20203, and this is Markets Daily from CoinDisc.
0:13.5	I'm George Kulutis here again for your Daily News Roundup.
0:16.6	On today's show, we're talking Bitcoin, the latest headlines, and more.
0:20.7	And just a reminder, CoinDesk is a news source and does not provide investment advice.
0:32.2	Bitcoin and Ether are lagging today, with Bitcoin down 1.5% and Ether down 1.1%.
0:38.3	There's a little bit of softness in the crypto market with almost all big crypto's trending down.
0:44.3	Something to keep an eye on with the Fed meeting coming up is Bitcoin's negative correlation with the US Dollar Index or the DXY,
0:51.3	which has broken in recent weeks, with Bitcoin struggling to gain strength
0:55.6	amid continued sell-off of the dollar. We could expect that correlation to come back.
1:01.5	According to Noelle Atchison, author of the Crypto's Macro-Now newsletter and former
1:05.6	head of research at CoinDesk and Genesis, quote, the negative relationship between DXY and Bitcoin is likely to return, as gyrations in the
1:14.0	dollar index influence global liquidity conditions, which in turn affect valuations
1:18.7	in risk assets, including cryptocurrencies, end quote.
1:23.1	She added in the Monday version of her newsletter that, quote, the BTC-DXY relationship will be hard to shake for long though.
1:30.8	It's not just that the US dollar is a denominator in the most quoted pair for the crypto
1:35.0	asset, and when the denominator goes down in value, the ratio goes up, all else being equal.
1:40.7	It's also that a weaker dollar boosts global liquidity by giving US dollar debt holders
1:45.5	around the world more room to breathe."
1:48.9	Let's see how this pans out in the coming weeks before we enter the last month of summer.
1:54.6	Today's crypto market coverage comes courtesy of market analyst Noel Atchison.
2:00.3	Bitcoin is currently trading at $29,786, while Ether is trading at $1,891 per token, according to the
	...

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