Bitcoin surges above $90,000 for the first time since March 7; here's what driving the surge
Bitcoin (BTC) has had an impressive bounce back, crossing above the $90,000 for the first time on Monday since March 7, this year, as per reports.
Bitcoin Outshines Equities Markets
The largest cryptocurrency has appreciated by over 5% in the last five days, a complete turnaround from the downward trajectory of legacy equities, as per CoinDesk. While the S&P 500 dipped from more than 5,700 points in early March to about 5,200, Bitcoin's recent surge indicates increasing divergence between digital currencies and traditional stock markets, according to CoinDesk.
"A Turning Point" for Bitcoin
Bitcoin's upward surge is due to escalating skepticism of the US dollar and rising
economic uncertainty
, as per InvestX. CryptoVision analyzed that, 'For the first time in years, Bitcoin and gold are telling the same story,' highlighting the recent all-time high of gold and Bitcoin's breakthrough, quoted InvestX. CryptoVision mentioned that, 'Gold is marking its 55th peak in a year, and Bitcoin is joining the party,' and highlighted that these two assets signal increasing distrust in the US dollar and heightened economic uncertainty, reported InvestX.
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According to the report, the Dollar Index, which measures the currency against a basket of six major currencies, has fallen10% since January because of the trade tensions that started with US president Donald Trump's tariffs policy. InvestX wrote that, "The DXY is at its lowest level since March 2022, which could propel Bitcoin towards $90,000."
An analyst on social media platform X, called 'Horizon Crypto', wrote that, 'Nasdaq down, dollar weakening, gold at a new high, and Bitcoin soaring: we are at a turning point,' quoted InvestX.
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FAQs
Why has Bitcoin gone up recently?
Bitcoin has surged because of rising skepticism about the US dollar and increasing economic uncertainty, as per reports.
How did Bitcoin perform compared to stocks?
Bitcoin has diverged from traditional stocks like the S&P 500, which has fallen in recent weeks, as per CoinDesk report.
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