Contrary to the general downward trend in currencies caused by a strong US dollar, bitcoin and other cryptocurrency prices have climbed by 6.5% over the previous week.
When the dollar rises, it destroys stock portfolios, crushes commodity prices, and drives down other currencies. The British pound has fallen by 5.6% against the US dollar during the previous week, reaching a record low of $1.0327 for a short period of time on Monday.
Bitcoin, meanwhile, has been pretty stable over the past week. Both crypto bulls and bears have taken notice of the cryptocurrency’s surprising good run, which has seen it gain 6.5% over the past week.
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Sven Henrich, founder of NorthmanTrader, a markets analysis firm, tweeted,
You know we’ve reached a unique point in history when #Bitcoin suddenly is less volatile than fiat currencies.
Mr. Henrich was a vocal opponent of the recent bull market, expressing concern over the inflated value of cryptocurrencies and other assets.
Bitcoin mostly traded like risky assets, such as tech stocks, when central banks hiked interest rates. However, this is not what has happened during the previous 30 days. So far in September, Bitcoin has traded in the green (albeit only marginally), while the tech-heavy Nasdaq has down about 10 percent.
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When viewed from a wider perspective, though, the situation becomes more dire for crypto bulls. In 2022, Bitcoin’s value has dropped by more than half, making it the worst performer among major currencies, equities, and bonds.
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