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Strong gain in U.S dollar leads to high sell-offs in bitcoin, Stocks, Gold

The U.S dollar index jumped up by 0.69% to 90.743 on Wednesday, after a 0.2% decline the previous session.

 

The U.S dollar value fired up at Wednesday’s trading session, leading many financial assets to lose value momentarily.

At the time of drafting this report, the U.S dollar index jumped up by 0.69% to 90.743 on Wednesday, after a 0.2% decline the previous session.

Such assets include Bitcoin which at press time, trading at $29,789.11 with a daily trading volume of $74,4 billion. Bitcoin is down 5.86% for the day.
• Gold was down 0.50%, and other major currencies like the Euro, British pound suffered heavy losses.

• Also, U.S. stock indexes drifted lower despite impressive earnings from Microsoft on the account investors went long on the safe-haven currency.

The Dow Jones Industrial Average dropped by 0.14%, at the open to 30893.78. The S&P 500 fell by 0.33%, at the open to 3836.83, while the Nasdaq Composite dropped 139.5 points, or 1.02%, to 13486.576 at the opening bell.

What you should know: The U.S Dollar is a universally accepted currency for trade throughout the world and holds the title as the world’s reserve currency with over 50% of countries holding their foreign exchange reserves and pegging their currency to the dollar.

See Also:  Further Boost For Cryptocurrency

It’s often regarded as a safe haven currency on the basis that global investors prefer to hold it during times of high geopolitical uncertainty.

Matthias Sunday

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