Bitcoin and other major coins traded higher Sunday evening as the global cryptocurrency market cap rose 1.6% to $2 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 1.5% | 11% | $42,168.70 |
| Ethereum (CRYPTO: ETH) | 0.2% | 16.3% | $3,035.26 |
| Dogecoin (CRYPTO: DOGE) | 3.3% | 9% | $0.15 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Shiba Inu (SHIB) | +22.1% | $0.00003 |
| Axis Infinity (AXS) | +16.2% | $68.21 |
| Loopring (LRC) | +15.3% | $1.11 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: The dollar fell 1.8% last week, which is one of its largest percentage declines since November 2020, according to a Reuters report.
In a recent video, cryptocurrency trader Justin Bennett talked about the inverse relationship between the dollar index and Bitcoin.
“Every single time Bitcoin is topped out at the end of each bull cycle the dollar has bottomed,” said Bennett.
On Friday, Bennett tweeted that if the Dollar Index — a measure of the greenback’s strength against a basket of six currencies — closes the week below last week’s open at 95.63 “we have a weekly bearish engulfing.
The dollar index rose 0.1% to 95.446 on Friday, as per Reuters.
Now that you know why the $DXY matters for #crypto, here’s the latest…
If the DXY closes this week below last week’s open at 95.63, we have a weekly bearish engulfing.
The last time this occurred at a multi-year swing high was March 2020, when $BTC started its 1,500% rally. https://t.co/36Jy6Zug5c pic.twitter.com/rDobpvGCSz
— Justin Bennett (@JustinBennettFX) February 3, 2022
The reason for the dollar index’s appreciation on Friday was the U.S. nonfarm payroll report which indicated that 467,000 jobs were added last month, according to Reuters.
Edward Moya, OANDA’s senior market analyst said that the nonfarm payroll report was a “shocker” which sent Treasury yields higher as expectations of a more aggressive monetary…
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