• The U.S. dollar index reached its highest level since November 2022.
• BTC’s correlation with DXY was just around 0.11 at the time of publication.

The U.S. dollar index (DXY) has risen a few notches higher, boosted by the Federal Reserve’s signals that one more interest rate hike was imminent before 2023-end.

How much are 1,10,100 BTCs worth today?

In fact, according to a TradingView chart, the rally has been going on for the past two months. The index, which measures USD’s strength against a basket of six foreign currencies, hit its highest level in the last ten months at the time of writing.

Bitcoin immune to USD’s rise

Historically, the USD, considered a safe haven, has had an inverse correlation with supposedly risky assets like stocks and cryptocurrencies. However, recent developments appeared to contradict this pattern. At least, partially.

According to on-chain analytics platform Santiment, while the USD has shot up, Bitcoin [BTC] has held steady in the recent weeks. The king coin has wiggled in and around the $26,000-level for most parts, as shown below.

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Author: Aniket Verma

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