Markets on Wednesday: The Dollar Grinds Higher While Cryptos Fall
Rowan Crosby • 1 min read
Markets have been rather active as they try and find what exactly fair value is for the US Dollar. The Greenback has been the major driver of price in recent times and again it staged somewhat of a muted comeback on Tuesday.
The support level at 91.80 on the US Dollar Index appears to have held up for the time being. The selling that we’ve seen over the past few weeks might have finally slowed down as it looks a lot like a double bottom in the USD.
Cryptocurrencies have so far this week felt the pinch. Recent falls have been attributed by most experts to developments in South Korea. Regulators are stepping up their efforts to curb cryptocurrency activity in South Korea. Which is a large market with a significant amount of retail activity.
Ripple was one of the big losers on the day. After a meteoric rise last week, much of those gains have now been given back. Ripple (XRP) made highs of around 3.30 last week, and we’ve now seen a drop back to below the 2.00 level. There is some technical support around 1.60-1.80, which might present a buying opportunity.