Copper: Anticipation of Weak Dollar, Not US Election, Driving Recent BTC Surge

IconCryptoNewsTerminal Staff22 Jul, 2024

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Copper: Anticipation of Weak Dollar, Not US Election, Driving Recent BTC Surge

Crypto custodian Copper's recent report suggests the recent Bitcoin price rise stems from market anticipation of a weaker U.S. dollar, not U.S. presidential election speculation. "Bitcoin often reflects major fiat currency price action, which tend to rise when the dollar index falls," the report notes. "This trend was evident during the dollar weakness of 2017 and 2021, when Bitcoin reached record highs." Since 1969, the dollar has depreciated by an average of 10% under Republican presidencies, appreciating by 8% under Democratic presidencies. "Increased odds of a successful re-election bid by current U.S. President Donald Trump may be contributing to Bitcoin's rally," the report adds.