Bitcoin (BTC) investors reeling from the shock of recent cryptocurrency company failures and banking issues may face another potential problem: a recovering U.S. dollar. US dollar strength reemerges Notably, the U.S. dollar index (DXY), which tracks the greenback's performance against a basket of top foreign currencies, has risen 4% from its Feb. 3 low of 100.82, amid anticipations that the Federal Reserve will continue raising benchmark rates to cool inflation. Inflation ersists An air of caution remains as fresh U.S. data shows a recession is not yet imminent. That includes the latest jobless claims, which fell 2,000 to a seasonally …

Bitcoin (BTC) faced a showdown with a key trend line on Feb. 28 as the monthly close finally arrived. Bitcoin "doesn't feel bullish" into February close Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling an area around $23,500 at the Wall Street open. With United States stocks flat and the U.S. dollar avoiding a return to strength, eyes were on Bitcoin to preserve its gains through last-minute volatility. “Would like to see more Bitcoin bid liquidity enter the active trading range to increase the chances of closing the Monthly candle above the 50-Month Moving Average,” monitoring resource Material …

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 …

The show Macro Markets, hosted by Marcel Pechman, which airs every Friday at 12 pm ET on the Cointelegraph Markets & Research YouTube channel, explains complex concepts in layman’s terms and focuses on the cause and effect of traditional financial events on the day-to-day crypto activity. In the show’s inaugural episode airing today, Pechman discusses the impact of the U.S. Dollar Index (DXY) on cryptocurrencies and how the inflation-protected bonds exchange-traded fund (ETF) provides a much better estimate of traditional markets’ demand for fixed income. Viewers will learn how a strong United States dollar is not necessarily positive for the …

Bitcoin (BTC) rose more than 11% last week and is trading near the pivotal resistance at $25,000. Monitoring resource Material Indicators highlighted in its latest update that large volume traders were “thinning” overhead resistance, which could spark a rally. As the prices rise, retail traders may get sucked in and the whales could use this opportunity to sell their positions that were accumulated at lower levels. Every uptrend witnesses several pullbacks and Bitcoin is no exception. However, the price action of the past several months shows a large basing pattern, which may be about to break out to the upside. …

The U.S. Securities and Exchange Commission (SEC) wants to sue Paxos for issuing and listing stablecoin Binance USD (BUSD) to the benefit of its top-rival stablecoin Tether (USDT), whose market capitalization has risen to multi-month highs. BUSD market cap drops by $2 billion The SEC asserts that BUSD, a U.S. dollar-backed stablecoin, is a security, noting that Paxos has violated investor protection laws by white-labeling it. Related: Paxos ‘categorically disagrees’ with the SEC that BUSD is a security Since Feb. 13 when the news broke, the BUSD market cap has lost roughly $2 billion, down to around $14 billion as …

Bitcoin (BTC) hit its highest in almost a week on Feb. 15 as "extremely positive" economic data boosted risk asset sentiment. BTC price aims for $23,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 2.2% on the day to eye a reclaim of $23,000. Analysts were already predicting volatility, with the latest economic numbers from the United States delivering a pleasant surprise. Retail sales and the Empire State Manufacturing Index both surpassed market expectations, showing a more resilient economy despite restrictive policy at the Federal Reserve. "Extremely positive numbers. Core Retail Sales and Retail Sales both smash expectations, …

The crypto industry will “probably” start using euro, yen, or Singapore dollar based stablecoins in the future, reducing its reliance on US dollar based stablecoins, according to a Feb. 14 statement on Twitter Spaces by Binance CEO Changpeng Zhao, also known as “CZ.” CZ gave the statement in answer to a question about the crypto industry using gold as a standard of value instead of the US Dollar. CZ agreed that it “makes sense” to use gold. However, “most people’s costs are still in fiat currencies.” For this reason, most people calculate their investment returns in dollars, which is why …

Bitcoin (BTC) and select altcoins are threatening to deepen their correction after reports emerged that the United States Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, alleging that the dollar-pegged Binance USD (BUSD) stablecoin is an unregistered security. Separately, Paxos has been ordered by the New York Department of Financial Services (NYDFS) to halt the issuance of BUSD. After the crackdown on Kraken last week and now Paxos, the regulator’s actions may increase nervousness among crypto investors. FOX Business journalist Eleanor Terrett tweeted on Feb. 12 that “more Wells notices going out in the coming 2-3 weeks, …

Bitcoin (BTC) drifted toward major liquidity around the Feb. 13 Wall Street open as the dust settled on United States regulatory news. BTC traders spread bids lower Data from Cointelegraph Markets Pro and TradingView showed BTC/USD $21,476 on Bitstamp, almost matching the weekend’s three-week lows. As analysts expected a “choppy” day prior to key U.S. macroeconomic data, news that Blockchain firm Paxos was being sued by the Securities and Exchange Commission (SEC) added to market nerves. BTC spot price action thus inched ever closer to a major area of bid liquidity on the Binance order book, something which Maartunn, a …

Binance has announced that it is temporarily suspending bank transfers in United States dollars (USD) beginning Feb. 8. No other trading methods will be affected, the exchange said in a tweet on Feb. 6. The news came with no explanation, although the company, which is the world’s largest cryptocurrency exchange, added in the same tweet that: “We are working hard to restart the service as soon as possible. […] All other methods of buying and selling crypto remain unaffected.” Binance CEO Changpeng Zhao (CZ) said in a separate tweet: “It is worth noting that USD bank transfers are leveraged by …

The United States dollar index (DXY) has started a strong recovery and its rise is putting pressure on Bitcoin (BTC) and the S&P 500 (SPX) index. The market participants will be keenly watching for any insights on future rate hikes when the Federal Reserve Chairman Jerome Powell speaks before the Economic Club of Washington on Feb. 7. Meanwhile, Bitcoin’s 43% rebound in January has improved sentiment among small investors. Crypto analytics firm Santiment said that the number of Bitcoin addresses holding 0.1 Bitcoin or less soared by 620,000 to hit 39.8 million, the highest level since Nov. 19. With the …