crypto winter Is Strong Dollar to Blame for Crypto Market Slowdown?

Is Strong Dollar to Blame for Crypto Market Slowdown?

-The crypto market has been losing momentum as the price of Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) start trading in the red.
-The largest cryptocurrencies by market cap might experience further losses as macro-economic factors keep exercising a negative influence on risk-on assets.
-Analyst Justin Bennett believes the crypto market has been negatively impacted by the uptrend in U.S. dollars.
-Bennett said the following while sharing the chart below: Expect #stocks and crypto to struggle while the US dollar is doing this.
-The largest crypto by market cap, Bitcoin, saw a yearly low at around $17,600.
-As NewsBTC reported, Fidelitys Director of Macro Jurrien Timmer believes this level is on par with the cryptocurrencys previous bottoms and expects that price point to operate as critical support.
-Timmer said the following on BTCs capacity to see more appreciation in the long term, bullish momentum that will surely push the entire crypto market upwards: Bitcoins price-to-network ratio (my proxy for a valuation multiple) is back to 2014 levels.
-In contrast, Bennett expects more losses for BTCs price and the crypto market.

 

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