NY Times: Worldwide Currencies Tumbles Except Bitcoin

NY Times Worldwide Currencies Tumbles, Except Bitcoin
  • While global major assets plunges, Bitcoin slightly increased.
  • Major currencies all over the world weakened over the strong US dollar.
  • Bitcoin saw an increase of 6.5 percent during this week.

Over the past few weeks, currencies all over the world tumbles against the US dollar, forcing an increase in the prices of basic necessities, the rate of debt payments, and the risk of a global recession by 2023.

A strategist at Morgan Stanley outlined that the latest rally of the US dollar will start an “untenable situation” for risky assets that could lead to a financial or economic crisis. 

Earlier this week, the British pound (GBP) hits an all-time low of $1.0327 against the US dollar. As of Monday, the dollar index touched a new record-high that’s never been seen for over two decades. The new record-high makes every single major currency red, with the Brazilian Real and the Chilean Peso suffering the worst.Looking through the silver linings, an article published by New York Times stated that there is one asset that has been “relatively calm over the past week,” this asset is Bitcoin. While most assets all over the world collapsed, the largest cryptocurrency shockingly rose up to 6.5% this week.

The founder of the market research firm NorthmanTrader, Sven Henrich’s attention was caught by the rising cryptocurrency. In a tweet, Henrich said we’ve reached a “unique time in history,” after Bitcoin increased while other currencies fall. Notably, Henrich was among those countless notable bears who stated that cryptocurrencies were “overpriced assets” amid the previous bull market.

Compared to others, Bitcoin has been traded to a great extent when central banks increased interest rates. So far, Bitcoin has slightly been traded in the green in September. However, looking at the bigger picture, the overall crypto market cap has lost less than $1 trillion from its peak on November 2021.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.