This Event Could Help Bitcoin Escape the Crypto Winter
It has been a long, dark crypto winter for Bitcoin (CRYPTO: BTC), with the price of the world's largest cryptocurrency now down close to 60% this year. High inflation, which has led to aggressive interest rate hikes from the Federal Reserve, has largely led to cryptocurrencies acting much like tech stocks, which don't fare well in the face of rising interest rates.
With more rate hikes projected, many are now wondering when the crypto winter will end. While it's hard to predict the near-term future, there is one event that may allow Bitcoin to escape these hard times.
Aside from rising interest rates, one event that has seemingly impacted the crypto market is the surging U.S. dollar, which has hit a 20-year high. The dollar index, which tracks the U.S. dollar against other currencies, is up close to 18.5% this year. The dollar briefly overtook the euro and has closed in on the British pound sterling as well.
Source Fool.com
