In brief
- The U.S. dollar is firming, triggering a retracement in equities and gold.
- Experts remain split about the Fed’s measured dovish stance, but remain bullish on Bitcoin heading into the fourth quarter.
- A softer August Core PCE print could end Bitcoin’s September slump and set the stage for a bullish fourth quarter.
Bitcoin is stuck in a macro tug of war as the U.S. dollar strengthens following the U.S. Federal Reserve’s measured dovishness, with gold settling lower after Wednesday’s record high.
The conflicting signals have left the crypto trading in a tight range, lagging the record-breaking momentum in equity markets and gold.
The Fed’s quarter-point “insurance cut” last week successfully calmed front-end rates but sparked a sell-off in long-term Treasuries, pushing yields higher, Singapore-based trading desk QCP Capital noted in a Wednesday post.
Fed Chair Jerome Powell’s emphasis on a cautious path forward provided much-needed relief for the U.S. Dollar Index (DXY), which measures the dollar’s performance against a bask
Go to Source to See Full Article
Author: Akash Girimath
