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Weaker US Dollar Pushes Bitcoin Towards $12K; A Weekly Outlook

Weaker US Dollar Pushes Bitcoin Towards $12K; A Weekly Outlook

Sponsored In a week that will see the world central bankers convening a virtual conference on the future of the economy, Bitcoin is rising. The benchmark cryptocurrency kicked off Monday with modest gains against the US dollar. It was up by $150, or 1.3 percent, to trade near $11,800 ahead of the New York opening bell. The gains appeared as the US dollar index fell 0.29 percent Bitcoin chart on TradingView.com shows BTCUSD in a corrective uptrend Traders looked forward to the annual Federal Reserve Symposium that will be held online on Thursday and Friday. The event will see Jerome Powell, the head of the Federal Reserve, speaking about the state of the US and global economy. He would also shed light on how long his office would keep its stimulus programs and near-zero interest rates intact.

Several Fed officials have already expressed their willingness to drive inflation higher way above the Fed’s benchmark target of 2 percent. That has played a profound role so far in driving the US dollar index lower. Meanwhile, fears of inflation have also pushed investors towards high-yielding safe-haven assets, including gold and Bitcoin. The precious metal also rose alongside the cryptocurrency on Monday, surging 0.86 percent.

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