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Market News U.S. dollar continued to fall and Bitcoin is reaching $5,000! Forecast: Apple maybe the next company to buy

U.S. dollar continued to fall and Bitcoin is reaching $5,000! Forecast: Apple maybe the next company to buy

The US dollar index fell to a two-week low on Tuesday, U.S. Treasury yields rebounded from lows, and Bitcoin continued to rise after Tesla announced its investment, approaching the 50,000 mark on Tuesday.

Eden

2021-02-10

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The US dollar index rose to 90.509 in early Asian trading on Wednesday, and fell to a low of 90.427 in the first two days; Bitcoin consolidated around US$46,500, setting a record high of 48,216 overnight. Because Tesla disclosed that it has invested 1.5 billion US dollars in Bitcoin.

Since March 2020, Bitcoin has risen by more than 1,000%, and analysts believe that the expectation of Bitcoin to reach $100,000 this year does not seem to be out of reach.

Traders expect that with the help of large-scale fiscal and monetary stimulus policies, the economy will rebound from the epidemic this year. "The market consensus believes that this year's economic outlook looks relatively strong. Popularity and position conditions are now the main factors driving the market," said Michael McCarthy, chief strategist at CMC Markets, on the recent weakness of the US dollar.

Some market analysts said that huge fiscal expenditures and ultra-easy Fed monetary policy will eventually cause large-scale resistance to the rise of the dollar.

The US dollar rose 0.4% to 104.62 yen against the second round of the Japanese circle. In addition, since the fourth quarter of 2020, the 90-day rolling correlation between the Japanese yen and U.S. bond yields has increased significantly.

The euro rose 0.05% to US$1.2125 against the US dollar, rebounding from a two-month low hit on Friday, and the pound to US dollar exchange rate climbed to US$1.3821, the highest level since May 2018.

Bitcoin is good for Apple Wallet

Royal Bank of Canada (RBC) predicts that Apple may be the next large company to buy Bitcoin. Apple Wallet can become a crypto exchange, which is expected to bring billions of dollars to Apple.

According to Mitch Steves, companies such as Square, PayPal (which has integrated Bitcoin into the application to facilitate mainstream investors to buy and sell and hold virtual currencies), as well as exchanges like Coinbase, have confirmed that the Bitcoin trading model is a real business. , If Apple enters the industry through Apple Wallet, it will immediately gain market share.

Mitch Steves added, and compared to competitors, Apple's ecosystem will provide (AAPL-US) higher security.