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Something Weird Was Going On As Bitcoin Rallied Despite Dollar’s Strength

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ValueWalk

The bitcoin price jumped 6% in early trading on Tuesday, topping $20,000 to reach its highest level in over a week. Meanwhile, the U.S. dollar remained exceptionally strong versus a basket of the world’s fiat currencies—something that would typically be bad for cryptocurrency and good for stocks. However, bitcoin was outperforming major stock indices, including tech stocks, as measured by the Nasdaq Composite, which is up a little over 1% versus bitcoin’s 5% gain. Unfortunately, bitcoin plummeted suddenly at midday on Tuesday, falling back under $20,000 and ending the rally as suddenly as it b…

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