Pax Dollar

Get Pax Dollar (USDP) all time high price, historical charts, latest news and other information.

Bitcoin is holding the key $18,500 support zone against the US Dollar. BTC must settle above the $20,000 resistance zone to move into a positive zone.

Bitcoin is struggling to gain momentum above the $19,500 resistance zone.
The price is trading below $19,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $19,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could stage a fresh rally if there is a clear move above the $19,500 resistance zone.

Bitcoin Price Consolidates
Bitcoin price made another attempt to clear the $19,500 resistance zone. However, BTC struggled and formed a short-term top near the $19,400 level.
A high was formed near $19,392 and the price declined. There was a move below the $19,000 level and the 100 hourly simple moving average. The pair traded as low as $18,645 and is currently consolidating losses. There was a minor increase above the $18,800 level.
Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $19,392 swing high to $18,645 low. On the upside, an immediate resistance is near the $19,000 level and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $19,020 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $19,392 swing high to $18,645 low.

Source: BTCUSD on TradingView.com
The next major resistance sits near the $19,500 zone. A close above the $19,500 level might start a fresh surge to $20,000. Any more gains might start a steady increase and the price might rise towards the $21,500 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to recover above the $19,500 zone, it could start a fresh decline. An immediate support on the downside is near the $18,650 zone.
The next major support is near the $18,500 level. A clear move below the $18,500 zone could set the pace for a fresh decline. In the stated case, the price may even test the $17,500 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Major Support Levels – $18,650, followed by $18,500.
Major Resistance Levels – $19,000, $19,350 and $19,500.


Bitcoin is holding the key $18,500 support zone against the US Dollar. BTC must settle above the $20,000 resistance zone to move into a positive zone. Bitcoin is struggling to gain momentum above the $19,500 resistance zone. The price is trading below $19,000 and the 100 hourly simple moving aver...

newsbtc.com

TA: Bitcoin Price Holds Ground, Why Close above $20K Is The Key

While the U.S. dollar has soared in value against a basket of worldwide fiat currencies, Russia’s ruble climbed 4.5% against the greenback this week. During the first week of September, Russia told the press China would pay for natural gas with rubles and yuan. Moreover, Switzerland’s imports of Russian gold reached a high not seen since April 2020.
The Greenback Is Soaring, but Russia’s Ruble Is Also Rising Higher
This week the U.S. Dollar Currency Index (DXY) skyrocketed to new heights leaving a great number of fiat currencies worldwide badly bruised. For instance, two days ago, the European Union’s euro tapped a 20-year low against the U.S. dollar dropping to $0.973 on Friday.
Presently, the euro is even lower at $0.9690, and it is down 2.82% against the greenback during the past 30 days. 30-day statistics indicate the yen is down 4.72%, the sterling pound shed 8.17%, and the Canadian dollar lost 4.78%. The Chinese yuan breached a 7:1 exchange rate against the U.S. dollar for the first time in two years.

However, Russia’s native fiat currency the ruble has been more resilient this year, and it started to see gains a month after the start of the Ukraine-Russia war. Toward the end of June, Russia’s ruble tapped a seven-year high against the U.S. dollar, and at the time economists said “don’t ignore the [ruble’s] exchange rate.”
This Friday, while America’s native fiat currency climbed to new heights against various currencies worldwide, the ruble climbed 4.5% against the USD. The ruble managed to do this while the DXY breached a 20-year high following the Federal Reserve’s recent rate hike. The rising ruble follows Russian president Vladimir Putin explaining earlier this week that he vows to use “all means available” to win the war with Ukraine.

China Pays for Gas With Rubles, Swiss Purchases 5.7 Tons of Russian Gold in August, Analyst Says Ruble Withdrawals Have Pushed the Currency Higher
There were also hints of nuclear retaliation from the Russian president, and he detailed he was mobilizing more troops. Additionally, Reuters reported during the first week of September that China would be purchasing fuel from Russia with rubles and yuan payments.
Gazprom CEO Alexei Miller told the press at the time that China paying in rubles and yuan rather than dollars was “mutually beneficial” for both partners. Furthermore, reports indicate that the Swiss Federal Customs Administration revealed Switzerland imported 5.7 tons of Russia’s gold reserves in August. The stash was worth roughly $324 million, and the Swiss have not purchased a cache that size in over two years.
The country’s customs department, however, claims that the Russian gold originally stemmed from Britain, and it further stressed that no financial sanctions were violated. Switzerland fully denied breaking any sanctions and said the 5.7 tons of bullion was originally shipped from the U.K. back in May.
While the ruble’s exchange rate against the greenback has dropped a hair, it remains at 56.87 per dollar, at the time of writing on Sunday, September 25, 2022. While 30-day stats show the euro is currently down 2.82% against the U.S. dollar, the Russian ruble is up 4.32% this month.
Investing.com’s Geoffrey Smith says the surge for cash derived from Russians withdrawing massive amounts of money from their savings accounts. Smith further claims “Russians emptied their savings accounts in the wake of Wednesday’s mobilization call by President Vladimir Putin.”
He noted, however, that the surge in Friday’s ruble withdrawals was not nearly as large as the ruble withdrawals recorded last February. “The rise in demand for rubles led to a squeeze in interbank ruble rates, pushing the currency up in a market,” Smith wrote on Friday.
What do you think about the Russian ruble’s exchange rate skyrocketing this Friday and gaining 4.32% this month against the greenback? Let us know what you think about this subject in the comments section below. 



























While the U.S. dollar has soared in value against a basket of worldwide fiat currencies, Russia&#x2019;s ruble climbed 4.5% against the greenback this week. During the first week of September, Russia told the press China would pay for natural gas with rubles and yuan. Moreover, Switzerland&#x2019...

news.bitcoin.com

While the US Dollar Tramples the Euro, Pound and Yen, Russia’s Ruble Skyrockets Against the Greenback

The Ethiopian birr currency’s parallel exchange rate against the U.S. dollar recently dropped to a low of 92 birrs per dollar, a report has said. The report added that following this latest plunge, the gap between the birr’s official and parallel market exchange rates has widened to a record high. 
Resumption of Fighting Between Ethiopian Government Forces and Tigray Rebels Identified as the Cause
The gap between the Ethiopian currency’s official and parallel market exchange rate against the greenback widened to a new record higher after the latter rate plunged 92 birrs for every dollar. Officially, one dollar buys 52.5 units of the local currency.
According to a Bloomberg report that quotes Fikadu Digafe, the vice governor and chief economist at the National Bank of Ethiopia (NBE), the resumption of hostilities in the Tigray region is one of the key factors that caused the Ethiopian currency’s latest plunge. As many media reports have suggested, the fighting between the Ethiopian government and Tigray rebels restarted in late August after five months of a lull in hostilities.

High Cost of War Making Monetary Policies Ineffective
Explaining how the fighting impacted Ethiopia’s economy, Digafe identified the imbalance between the supply of foreign exchange and the demand as a problem that afflicts the country. In addition, the vice governor also suggested that the high cost of the war meant the NBE’s monetary policies are now largely ineffective.
Besides the costs associated with the fighting, Ethiopia has grappled with the problem of dwindling foreign exchange reserves. As per the report, the landlocked horn of Africa state’s reserves stood at $3.3 billion by the end of 2021. This was enough to cover Ethiopia’s import costs for just 1.9 months.
Therefore, as part of efforts aimed at boosting the country’s foreign exchange reserves, the NBE effectively devalued the birr by 26% between February and May. Also, as reported by Bitcoin.com News, the central bank has now imposed restrictions and controls on the amount of foreign exchange that Ethiopian residents are allowed to take out of the country.
Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below. 



























The Ethiopian birr currency&#x2019;s parallel exchange rate against the U.S. dollar recently dropped to a low of 92 birrs per dollar, a report has said. The report added that following this latest plunge, the gap between the birr&#x2019;s official and parallel market exchange rates has widened to...

Report: Gap Between Ethiopian Currency’s Official and Parallel Market Exchange Rate Grows to New Record


The US Dollar Index (DXY) continues its parabolic rise. While it increased by 3% this week, commentators are asking when and at what level the dominance of the US currency will end. The strong dollar translates into a weak performance of other global currencies, traditional markets, and cryptocurrencies.



The Federal Reserve (Fed) continues its policy of financial tightening alongside persistently high inflation in the United States (US). This month saw another interest rate hike – this time by 75 basis points. The Fed’s decisions and the global macroeconomic situation favor the appreciation of the US dollar and the DXY index, which expresses its strength.



The DXY measures the strength of the U.S. dollar against a basket of six major foreign currencies. Among them are the euro, the Swiss franc, the Japanese yen, the Canadian dollar, the British pound, and the Swedish krona.



For example, an index value of 120 suggests that the U.S. dollar has strengthened by 20% against a basket of currencies over a given period of time. In other words, if the DXY is going up, it means that the USD is gaining strength or value relative to other currencies.



DXY parabolic rise



The US dollar index has been experiencing a parabolic rise since May 2021. The exact shape of the parabolic support line (blue) is not known, as it already seemed to have been broken early last month.



This seemed possible after the DXY reached the resistance area at the 109 level. However, it then only corrected by 4% and bounced off the 105 area, turning it into support (S/R flip). A few weeks later, it reached the 109 level again and finally broke out of it strongly this week, forming a record 3% green candle (blue arrow).



This is the largest weekly increase since March 16, 2020, when the DXY fired up at the start of the COVID-19 pandemic (red arrow). It is worth mentioning that such a steep rise was then a peak signal, after which the DXY experienced a 13.5% correction, reaching a low at 89. This decline, which lasted for 284 days, was at the same time a catalyst for growth in the cryptocurrency market at the turn of 2020-2021.



Chart by Tradingview



Currently, we see that the DXY has reached another area of resistance in the 112-113 range. If it is broken through, the next major area of resistance is only at 120 (orange line). This resistance is marked by the macro peak of early 2002.



On the other hand, on the monthly chart, we see a long-term rising parallel channel. Within this pattern, the aforementioned parabola is a sharp transition from the channel’s support line to its resistance. The median of the channel – the basic support in case of a correction from the top of the pattern – is currently in the 103 area.



Chart by Tradingview



Technical indicators



On the US Dollar Index RSI weekly chart, a multi-stage bearish divergence was developing, stretching back to May 2022. However, this week it was partially negated (red arrow).



Despite this, the current RSI value in the overbought area is 76.42, while in July it was 76.58. Therefore, even in the face of a huge increase, the bearish divergence may still be valid.



Moreover, the BBWP (Bollinger Band Width Percentile) chart, which is a directionless measure of volatility, is rising again. It currently indicates 93.25% and is again close to its maximum, reached in May. This is an additional signal of the DXY’s very heated uptrend and may indicate an impending correction.



Chart by Tradingview



Crypto community comments



The parabolic rise of the DXY is the main determinant of the decline in the risk-on-asset markets, which include the crypto sector to the highest degree. The cryptocurrency community, which is aware of the negative long-term correlation between the DXY and BTC, is constantly watching and commenting on the movements of the US currency index.



In a tweet today, educator and YouTuber @coinbureau posted a chart of the DXY and stated:



“The single biggest threat to the global economy right now is dollar strength. $DXY is a wrecking ball that’s taking no prisoners.”



In a similar vein, @CryptoMichNL comments on the macroeconomic situation, high commodity prices, and the threat of recession. In his opinion, a change in Fed policy and a weakening of the dollar is already on the horizon:



“Means that we’ll end the policy on the FED soon and other currencies will strengthen against the Dollar. Crypto to go up.”



Finally, cryptocurrency trader @TraderLenny added his two cents, stating that the DXY chart reminds him of the days of altcoin’s exponential growth during the 2017 bull market. In a joking tone, he stated:



“The $DXY is trading like a 2017 altcoin that just got a new font on their website.”



For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
The post How Long Will U.S. Dollar Index (DXY) Continue to Rise? appeared first on BeInCrypto.


The US Dollar Index (DXY) continues its parabolic rise. While it increased by 3% this week, commentators are asking when and at what level the dominance of the US currency will end. The strong dollar translates into a weak performance of other global currencies, traditional markets and cryptocurr...

beincrypto.com

How Long Will U.S. Dollar Index (DXY) Continue to Rise?

Digital asset manager CoinShares says Bitcoin (BTC) is not likely to see a big impulse to the upside for at least the remainder of this year.
In a new bi-weekly report, CoinShares says that the US dollar index (DXY), which pits the USD against a basket of other fiat currencies, may have more gas left in the tank of its multi-month rally.

A high DXY usually implies downward pressure on most risk assets like Bitcoin.
“The DXY looks overpriced but could appreciate further in the near-term while the prospect for a recession is far from conclusive. It looks as if the monetary policy terminal rate (according to consensus) will peak in the US before it does in its key trading partners, this coupled with the likeliness of weaker economic data in the US, suggests the DXY is likely to peak towards the end of the year.
Due to bitcoin prices being highly inversely correlated to the DXY, bitcoin prices are unlikely to have a significant upside breakout this year unless we see an unexpected deterioration in macroeconomic data.”
The leading crypto asset manager says that a reversal in hawkish monetary policy from the Federal Reserve is unlikely anytime soon, which is an additional weight on BTC.
“It is clear, for now at least, that the US Federal Reserve (FED) is not about to ‘pivot’ to a softer monetary policy stance as many had expected at the recent Jackson Hole event. This had an immediate effect on the US Dollar and interest rate-sensitive assets such as equities and bitcoin. 
The hawkish rhetoric from the FED is likely to have a continued dampening effect on the bitcoin price outlook until their perception of macroeconomic data justifies a pivot.”
CoinShares forecasts continued pressure on Bitcoin unless some type of “unexpected deterioration in macroeconomic data” shows up.
At time of writing, Bitcoin is trading at $19,178, or about 72% from its all-time high of $69,000.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox 

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



Check Latest News Headlines


&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong/Tomasz Makowski
 
The post Bitcoin Unlikely To Massively Breakout in 2022, Says Crypto Asset Manager CoinShares appeared first on The Daily Hodl.


Digital asset manager CoinShares says Bitcoin (BTC) is not likely to see a big impulse to the upside for at least the remainder of this year. In a new bi-weekly report, CoinShares says that the US dollar index (DXY), which pits the USD against a basket of other fiat currencies, may have more gas ...

Pax Dollar price	$0.999993
Low - High 24H	$0.995724 - $1.01
Market cap	$972.82M
Volume 24H	$9.79M
All time high	$1.13 -11.27% October 15th 2018
All time low	$0.863529 15.87% May 19th 2021
Genesis date	N/A

Recently viewed

Trending

Pax Dollar (USDP)

Performance

Pax Dollar News

Quick stats