10x Research: Bitcoin’s Rise to $87,000 May Be Driven by a Combination of Falling Dollar Index and Rising Gold
On April 21, Markus Thielen, Head of Research at 10x Research, said, “Bitcoin’s rise to $87,000 appears to have been driven by a combination of a sharp decline in the U.S. Dollar Index (down 0.7% against the euro) and a 2% rise in gold, both of which were triggered by news of Donald Trump’s push to replace Federal Reserve Chairman Jerome Powell.
While a U.S.-Japan trade deal may be on the verge of being announced, the real key catalyst has been market concerns about the “independence of the Fed.”