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NextGen Magazine

 
 

Cryptocurrencies Rise in Dollar-Value as Other Currencies Sink

By:
S.J. Steinhardt
Published Date:
Sep 28, 2022

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While the U.S. dollar continues to strengthen in relation to other world currencies, weak stock markets and commodity prices around the globe, the value of Bitcoin has surged by 6.5 percent in the past week, The New York Times reported.

The cryptocurrency briefly hit the $20,000 mark on Tuesday, The Wall Street Journal reported, adding that Ether rose by 5.2 percent over the same period. Ether is the second-largest cryptocurrency by market value, 

The Journal attributed the rise in the dollar-value of cryptocurrencies to optimism in global stock and bond markets.

The Journal reported that the value of cryptocurrencies have generally swung alongside broader market sentiment in recent weeks. The Times reported that both crypto bulls and bears have commented on Bitcoin’s surprisingly strong surge.

Sven Henrich, founder of markets research firm Northman Trader, tweeted that it is “a unique time in history when Bitcoin suddenly is less volatile than fiat currencies," the Times reported. The British pound and the euro are both nearly at par with the the dollar for the first time in decades.

The Times warned readers to look beyond the recent news, however; it reminded them that, so far this year, Bitcoin has lost more than half its value, doing worse than  stocks, bonds and most currencies