BTC exchange rate against the dollar after 19% correction stagnates at around $ 46,000. In the last 24 hours, the price has seen almost no change. Gold, meanwhile, continues to correct the legion and the dollar index is heading upwards.
Massive sale Bitcoins coincided in time with a remarkably similar but smaller decline in the competitive gold market. Similarly, the precious metal suffered the worst daily decline for the month on Tuesday. XAU / USD spot rates fell below $ 1,800 after an intraday move of minus 1.37%.
The big red clock candle on the gold and BTC charts appeared between 10:00 and 11:00 UTC. However, BTC has consolidated sideways after a large decline, unlike gold, which prolongs the decline.
Cryptocurrency collapsed under the weight too speculative bull leverage trades. Bybt data showed that $ 3.68 billion of long options in the options market were liquidated in 24 hours. This is the largest liquidation since June.
Automated liquidations caused further sell-offs in the BTC market. Traders were forced to sell their holdings to cover their margin longs.
Is the dollar responsible for the decline in BTC?
It is worth noting that the sudden decline in prices of BTC and gold coincided with a sharp rise in the index US Dollar (DXY). The index, which measures the strength of the dollar against a basket of top national currencies, rose 0.41% to 92.53 on Tuesday. At the moment it has stabilized at 92.74.
DXY has moved away from its monthly low and benefited from rising Treasury yields before selling government debt this week.