Analysts have pointed out that the US dollar experienced a drop due to the rise in US jobless claims, leading to a positive impact on Bitcoin and the stock markets.
Recent data from TradingView revealed that the US Dollar Index (DXY) saw a 0.45% decrease to 105.25 from its previous high of 105.73 on Thursday.
On the other hand, the S&P 500 nearly approached a historic high after the announcement of US jobless claims.
Aurelie Barthere, a Principal Research Analyst at Nansen.ai, mentioned that the US dollar peaked on April 30 with the US two-year yield dropping to minus 20 basis points. Consequently, the DXY also fell by 1%, indicating lower growth expectations. Bitcoin, in contrast, rose by 8% during the same period.
Francesco Pesole, an FX strategist at ING Bank, commented that the dollar's negative response to the slight increase in jobless claims makes it vulnerable to softer US economic data. This could mean greater emphasis on the employment market narrative.
Experts suggest that the current economic landscape may maintain its support for Bitcoin and other cryptocurrencies.
(Note: This information is not intended as financial advice.)
