The dollar index fell sharply todayand extended a 10 month streak of bad luck brings it to its lowest point since April 2018.
The international news agency Reuters highlighted the occasion with a headline: “The dollar sinks in hopes of US stimulus as Bitcoin hits all-time highThe article noted that the decline coincided with today’s news that a second COVID relief bill and resumption of negotiations were being debated in Congress between US Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi. The article contrasted the fall of the dollar with the rise in Bitcoin price, which briefly surpassed all-time highs for the second day in a row on Tuesday..
I certainly didn’t expect the mainstream press to see a headline like this. pic.twitter.com/istPVkw9Sc
– Dan Held (@danheld) 1st December 2020
You certainly didn’t expect to see a headline like this in the mainstream press.
“It looks like a headline from 2024,” commented Erik Voorhees, ShapeShift CEO and longtime Bitcoin lawyer, all in one Tweet on the Reuters heading. “… but I think we have to assume that there will be not just one but many headings in the next few years“.
Some bitcoin they compared the Reuters headline with the famous Times headline embedded in the Bitcoin Genesis block:: “Chancellor on the verge of a second bailout for banks” (Chancellor shortly before a second bailout package for banks), noting the importance of Differences between now and this moment.
Historically Reuters isn’t known for its positive coverage of Bitcoin, but that may change. Last week the news agency released one Story examining the likelihood of a target price of $ 100,000 for Bitcoin by the end of 2021and there was one the week before Story of how this year’s “bubble” differs from 2017.
The US dollar index is a measure of the value of the USD relative to a basket of other currencies;; the euro, the Japanese yen, the British pound, the Canadian dollar, the Swedish krona and the Swiss franc.
Starting with a relative value of 100 in 1973, the index hit a record high of 151 in October 1984 and a record low of 71.8 in April 2008. It currently stands at 91.1, a low not seen in more than two years. A year and a half.
The dollar has also fallen against other highly traded currencies and assets over the years, including many commodities and stocks.. The dollar’s devaluation from inflation has been accelerated this year by attempts by the US government to take the form of mitigating the situation caused by the COVID-19 pandemic Economic stimuli, What According to experts, it helps push the price of Bitcoin to an all-time highs.
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