A rebound in the US dollar index reflects traders’ hopes of Fed pivoting in the week’s interest-rate decision, but Bitcoin remains underbid.
Bitcoin showed an impressive performance last week as the flagship crypto surged to $21,000 last Wednesday – its highest since the end of August.
On the other hand, the US dollar came off its lows while tech stocks and bonds jumped.
Bitcoin’s Pre-Fed Retracement
Bitcoin has a tendency to rise when the dollar falls.
However, Bitcoin’s upward momentum is slowering on Monday. The world’s largest crypto asset has traced back around $20,500 as demonstrated by data from CoinMarketCap and TradingView.
The minor decline is possibly linked to the recent Tether’s news.
Bloomberg reported on Oct. 31 that Federal prosecutors are launching an investigation into the largest stablecoin project. The US watchdogs seek to explore whether the top officials at Tether committed a crime.
