The Euro has Weakened against the Dollar, Bitcoin at its Lowest Level in Six Months

Business | January 24, 2022, Monday // 17:00
Bulgaria: The Euro has Weakened against the Dollar, Bitcoin at its Lowest Level in Six Months

The US dollar strengthened slightly against major currencies today as the Euro fell in Asian trade as stock markets were nervous of tensions in Ukraine and a possible more aggressive rise in the Federal Reserve's (Fed) reference rate this week.

In the crypto market, bitcoin is trading near a six-month low, which is an additional sign of panic among investors trying to “get out of risky assets.”

The dollar index, which measures the value of the US currency against a basket of six major rivals, rose 0.11% and the euro sank 0.19% to .1319, according to Reuters.

The dollar strengthened against the Japanese yen by 0.1% to 113.8 yen.

Tensions in Ukraine have escalated for months, with the West claiming the Kremlin is preparing for war and gathering troops near the country's borders to prevent Ukraine from joining NATO. The State Department announced on Sunday that it had ordered family members of US diplomats to leave Ukraine.

US State Department has Ordered the Families of all Employees of US Embassy in Kiev to leave Ukraine

In the cryptocurrency markets, bitcoin lost 3.4% of its value and traded for about $ 35,000 after reaching its lowest level since July 2014 of $ 34,000 on Saturday. The price of the world's largest cryptocurrency has halved from a high of ,000 reached last November.

Traders say institutional investors are trying to reduce their exposure to cryptocurrencies and other risky assets, such as stocks.

The sell-off hurt most digital currencies, with Ethereum, the world's second-largest virtual currency, falling to ,440 on Saturday, its lowest level since July last year.

Investors say the sale of risky assets is due to growing expectations that the Fed will raise interest rates significantly more than market estimates a month ago.

/BGNES

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Tags: dollar, euro, bitcoin, Fed
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