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Crypto Market Review, October 21

Arman Shirinyan

United States Dollar is causing enormous pressure on cryptocurrency market once again

Contents

  • DXY on its way up
  • Cardano and XRP falling together

The cryptocurrency market is being pressured once again as the U.S. dollar is aiming at yet another rally that may put it back above its multi-year high. In the meantime, XRP and Cardano’s price performance is causing anxiety.

DXY on its way up

In the last 24 hours, the U.S. dollar has been aiming at new highs as it reached the multi-year trend’s resistance level the second time in two weeks. The resistance was previously marked as a reversal point for the currency and the start of the recovery for risk-on markets, including cryptocurrencies.

Source: TradingView

DXY’s strong performance could be the main reason behind the plunge Bitcoin and other cryptocurrencies are making today. In the last few hours, BTC lost more than $300 from its value and breached the…

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