Bitcoin and altcoins appear to be ignoring the headline of the U.S. dollar index soaring to a 20-year high as the British pound plummets to a record-low against DXY.
The strength of the U.S. dollar continues to negatively impact risk assets, but that did not prevent Bitcoin and select altcoins from staging a few strong rallies this week.
Bitcoin and altcoins rallied ahead of the Fed’s rate hike decision, indicating that traders viewed the 0.75% rate hike as a “priced-in” event.
Uncertainty over the Federal Reserve’s upcoming rate hike is keeping Bitcoin and altcoins under pressure. This could change if the expected 0.75% bps hike is selected.
Equities markets are witnessing aggressive selling due to increasingly bearish macroeconomic factors, and this is adding sell pressure to Bitcoin and altcoin prices.
Bitcoin is struggling to find support in the $20,000 zone, which is negatively impacting investor sentiment and weighing on most altcoin prices.