Tuesday, October 4, 2022
HomeBTCBitcoin sharp fall continues as US dollar climbs upward

Bitcoin sharp fall continues as US dollar climbs upward

Bitcoin (BTC) fell further on Saturday as the US dollar climbed in response to solid economic statistics showing that the number of jobs generated in the US increased far more than predicted.

BTC was trading at USD 39,148 at 11.42 AM IST on Saturday, down nearly 5.91 percent. Currently, ethereum (ETH) was trading at USD 2,632.46 down 3.8%. It’s the typical case as usually when the US dollar is strong, bitcoin suffers in a day.

Marcus Sotiriou, a digital asset analyst at GlobalBlock, stated that after an incredible 32 percent surge over the last week, Bitcoin fell off to retest the 20-day moving average. He went on to say that BTC failed to establish a higher-high on the daily time frame, closing below the critical USD 46,000 barrier. Bitcoin is not positive on a daily basis until this level is recaptured, he explained.

According to Mike McGlone, an Intelligence’s Senior Commodity Strategist, bitcoin is exhibiting indications of strength as it beats the Nasdaq stock index and is maturing into global digital collateral. In conventional finance, the US S& P 500 index was down 0.93 percent for the day at the same time. Meanwhile, Brent oil continued to rise this week, posting its best weekly gains since mid-2020. 

On Saturday, the Russian stock market remained closed for the sixth day in a row, as the Russian ruble fell more than 10% against the US dollar in a week. The ruble current price fell to 1 USD at 112.536 RUB press time on Saturday, as harsh sanctions placed on Russia for its invasion of Ukraine weighed on the market.

The Russian ruble fell, while the US dollar rose sharply after a jobs report in the US revealed a surprisingly healthy labour market. According to figures from the US Bureau of Labour Statistics, the number of new employment generated in February was 678,000. According to Reuters, the figure is much in excess of the roughly 400,000 jobs expected by economists.

The impressive figures come after US Federal Reserve (Fed) chairman Jerome Powell described the job market as very tight in testimony before Congress earlier this week. 

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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