US Dollar Sees Strongest Week Since February; Bitcoin Trades Below $27k

It’s been revealed that the US dollar seems to have the strongest week since the month of February while Bitcoin continues to trade below $27k. Check out the latest reports below.

Bitcoin (BTC) and most of the crypto market witnessed a move to the downside as the US dollar registered its strongest week in months, as the online publication the Daily Hodl notes.

The US dollar index (DXY) rose 0.6% on Friday and 1.44% in the past 5 days, according to MarketWatch.

The DXY has also crossed above its 50-day simple moving average (SMA) after trading below the key technical indicator since March.

“Bitcoin, meanwhile, dropped 2.42% in the past 24 hours and nearly 10% in the past week. The top-ranked crypto asset by market cap is trading at $26,889 at time of writing,” the online publication notes.

The same notes reveal the following: “Equities also went down this week, with the S&P 500 Index down 0.16% in the past day and 0.44% in the past five days.”

Central banks around the world are now looking for ways to get around the US dollar’s world reserve status. This is according to former Morgan Stanley executive and investment veteran Ruchir Sharma.

In an interview with France 24, a French government-sponsored outlet, Sharma says America’s biggest economic rivals have been working out ways to transact with each other without using the dollar.

“Nations are increasingly speaking with each other on how not to use the US dollar as a medium for transactions.”

He continued and said the following:

“You have Saudi Arabia and China talking, they trade in oil. [They’re determining] how to do it in a way where the US dollar is not used and they can settle their payments in each other’s currency. You have India talking in a similar way with the UAE, which is that how do you cut the dollar out as a denominator.”