The U.S. Dollar Index has fluctuated in recent days, falling to its lowest level since August.
On Monday, the prices of cryptocurrencies were in the green as equities sank across the board. Grayscale’s ether confidence reached a new low.
Bitcoin has been trading for over $17,000, according to TradingView. At 10:45 a.m. EST today, the top cryptocurrency by market cap increased 0.3% to $17,087. Shortly after 10:00 a.m. Est, the price of bitcoin started to show signs of weakness, falling below $17,200.
The price of ether increased by more than 0.5% to $1,266. Elsewhere, Binance’s BNB and Ripple’s XRP climbed by 0.5% and 0.2%, respectively. Nearly the previous twenty-four hours, Litecoin’s price has increased by over 7 percent.
The U.S. Currency Index was trading at 104.83, its lowest level since August; as the dollar falls, bitcoin’s price in dollars tends to rise. The U.S. dollar has lost more than fifty percent of its gains this year as speculators bet that the Federal Reserve would limit the pace of its interest rate rises. According to the CME Group’s FedWatch tool, the chance of a 50 basis point hike on December 14 is currently 77% based on Fed funds futures price data.
At 10:45 a.m. E.S.T., Coinbase shares were trading about $47, down 0.9%, according to Nasdaq data. Shortly after New York’s opening bell, shares of Silvergate fell 5.2%.
Block decreased by 4.7% to $64.92, while MicroStrategy decreased by nearly 5% to $195. Michael Saylor’s company began the week trading over $200.
GBTC, Grayscale’s closed-end bitcoin fund, was trading at a 42.3% discount. The discount on the asset manager’s ETHE product dropped to a fresh all-time low of 45.7%.
The shares of both funds trade at a discount to their net asset value (NAV) since they do not provide access to the underlying assets. Shares have traded at a premium until early 2021.
According to The Block Research, the average daily volume of GBTC climbed by 17% to $36 million in October over the previous month.