US Treasury and Dollar Index Fall: Bitcoin Reaches 16-Month High

Bitcoin (BTC), retaining its highest position in the world of cryptocurrencies, continues to garner attention among investors and enthusiasts. The speculations on the impending Bitcoin ETF approval remain a key contributor to Bitcoin’s price.

On October 24, the U.S. dollar plummeted to one-month lows, following the surprising fall of the US Treasury market. Subsequent to Fed Chair Jerome Powell’s comment on the influence of Treasury yields on tightened financial conditions and the lesser need for interest hikes, the market saw a surprising turn on Monday.

Though the 10-year Treasury yield escalated more than 5% for the first time since 2007, it declined suddenly, reaching 4.83%, seriously impacting the value of USD. Losing over 0.5%, the US Dollar Index dwindled to 105.51 and closed at 105.60.

In contrast, Bitcoin is on a positive track, with a $660.55 billion market cap, up 10.01%. The coin is currently trading at a price of $33,851.25, exhibiting an appreciatory surge of 10.16% in one day and 20.26% in seven days.

Earlier this month, the Securities and Exchange Commission’s (SEC) approval of BlackRock’s ETF application was falsely claimed by some reports, following which BTC soared to a much-anticipated $30,000 level. Despite the revelation of fabricated news, BTC retained its positive track, currently acquiring a 16-month high.

Investors and traders are keenly observing the market changes, anticipating an imminent ETF approval, especially after the SEC’s decision not to appeal the court’s ruling that necessitated the review of Grayscale Investment’s ETF application. Many crypto experts and analysts firmly believe there is a higher probability for the Bitcoin ETFs to be approved by January 2024.

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