US lawmaker lays out case for a digital dollar

Connecticut House of Representatives member Jim Himes has released a proposal aiming to start a dialogue on the United States potentially launching a central bank digital currency, or CBDC. In a white paper released on Wednesday, Himes urged Congress to begin exploring the rollout of a digital dollar issued by the Federal Reserve to prevent the government from falling behind in innovations in financial technology. According to the U.S. lawmaker, a CBDC “should not be thought of as replacing legacy payment systems and currencies but as an additional alternative for…

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BTC price rejects at $23K as US dollar declines from fresh 20-year highs

Bitcoin (BTC) ran out of steam near $23,000 on June 16 after the biggest United States key rate hike in nearly thirty years. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar strength wobbles after rate hike news Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $22,957 on Bitstamp after the Federal Reserve confirmed a 0.75% hike in June — its largest since 1994. Momentum did not last long, however, and at the time of writing, the pair had shed $2,000 to return to $21,000 at the new…

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Wall Street sends BTC price to $30.8K as latest US dollar uptick fails

Bitcoin (BTC) showed strength at the June 8 Wall Street open as impatient traders waited for a trend to emerge. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin still in “no trade zone”  Data from Cointelegraph Markets Pro and TradingView showed BTC/USD jumping to near $30,850 after the opening bell, helping claw back some of the ground lost in an overnight correction. Choppy trading conditions prevailed within a familiar range on the day, however, leading to both long and short traders seeing increased risk on low timeframes. For popular trader Crypto…

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Fed forgets long-term dollar devaluation when pricing eggs in BTC

The St. Louis Federal Reserve stirred up a mix of amusement and curiosity from the crypto community on Tuesday, May 7, after publishing a post showing how the cost of eggs in Bitcoin (BTC) has fluctuated over the last 14-months compared to the U.S. dollar.  On June 6, the Fed research arm posted a blog post titled “Buying eggs with bitcoins – a look at currency-related price volatility.” The FRED Blog compares egg prices in U.S. dollars vs. bitcoins. Check out the post to see which prices are more stable…

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Stocks surge, altcoins give back their gains and dollar strength may push Bitcoin lower

Between May 23 and 27, the equities markets had an impressive run, with the tech-heavy NASDAQ (NASDAQ: QQQ) ETF up over 7% and the S&P 500 (NYSE: SPY) up over 6.50%. However, this week’ whipsaws in price action occurred throughout the week and while the J trade session is not yet over, the weekly candlesticks suggest a close near last week’s open.  QQQ weekly chart (NYSE). Source: TradingView Currently, all major indexes face significant technical resistance levels above their present traded levels. Throw in thegrowing economic uncertainty and fears of…

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U.S. dollar index retreats from 20 year highs — but will DXY topping spark a Bitcoin recovery?

The U.S. dollar index (DXY) retreated broadly from its prevailing bull run in the past two weeks, dropping by up to 3.20% after hitting its two-decade high of 105. Overvaluation risks grip dollar market Dollar’s correction in the last two weeks preceded twelve months of relentless buying. To recap, the greenback’s weight against the basket of top foreign currencies grew by around 14.3% in a year, primarily as markets looked for safe havens against the fears of a hawkish Federal Reserve and more recently the military conflict between Ukraine and…

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Weaker dollar lifts Bitcoin to $30.7K as analyst eyes 60% BTC dominance

Bitcoin (BTC) hit 48-hour highs overnight into May 20 as U.S. dollar weakness gave bulls some much-needed respite. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar strength declines after 20-year record Data from Cointelegraph Markets Pro and TradingView recorded a high of $30,725 for BTC/USD on Bitstamp. Still struggling to flip $30,000 to reliable support, the pair nonetheless avoided a deeper retracement, helping calm fears that last week’s $23,800 capitulation event did not mark the bottom. The U.S. dollar index (DXY) provided the background to Bitcoin’s relatively solid performance, this…

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Nouriel Roubini oversees the development of tokenized dollar replacement

Economist and cryptocurrency critic Nouriel Roubini is heading up the development of a tokenized asset to combat fears of rampant economic stagnation and inflation. Roubini has long been a skeptic of the cryptocurrency space, which makes his own foray into the world of digitized financial instruments intriguing. In his role as co-founder and chief economist of Dubai-based investment firm Atlas Capital Team LP, Roubini is helping with the roll-out of a set of financial instruments to launch a security token that will act as a “more resilient dollar.” As initially…

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Bitcoin price slow to react as US dollar rally stops at 20-year highs

Bitcoin (BTC) stayed rangebound on April 29 as a welcome retracement saw the U.S. dollar come down from 20-year highs. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader eyes $40,600 as “crucial” breaker Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hugging support near $39,300 after failing to hold $40,000. The pair had managed some modest upside despite a “parabolic rally” in U.S. dollar strength throughout the week. The U.S. dollar index (DXY) finally began cooling Friday after reaching its highest levels since 2002. Despite its inverse correlation, BTC/USD…

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Bitcoin rejects $40K as US dollar strength hits 20-year high

Bitcoin (BTC) made a fresh bid to crack $40,000 on April 28 as Wall Street trading opened to twenty-year highs for U.S. dollar strength. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView DXY now in “parabolic rally” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting highs of $39,883 on Bitstamp before momentum waned, sending the pair $800 lower hours later. Traders had predicted what they saw as a relief bounce, with the implication that the subsequent rejection would spark continuation of the downtrend. On the day, caution was advised. “BTC…

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