Bitcoin has historically moved in the opposite direction to the US dollar index, with the negative correlation strengthening recently, according to data from charting platform TradingView. This indicates the potential for accelerated gains in the cryptocurrency in the event of a continued dollar slide following the release of US GDP data on Thursday. The 90-day correlation coefficient between bitcoin and the dollar index has slipped to a two-month low of -0.70. The USD has declined by over 12% since early October, and traders are pricing in three interest-rate cuts by year-end.
(By Omkar Godbole)
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