believe that the deteriorating market outlook has pressurized US lawmakers<\/a> to pass a new stimulus package at the earliest. The prospect of more liquidity entering the economy, on the other hand, has pushed the US dollar index down to its two-year low.<\/p>\nBitcoin has rocketed almost 20 percent this week on weaker dollar sentiment. CNBC reported that mainstream investors purchase the cryptocurrency to reduce their exposure to the greenback. They view Bitcoin as an “inflation-protected wealth store.”<\/p>\n
Bitcoin En Route to Another ATH?<\/h2>\n
On Friday, Bitcoin also consolidated as the US dollar attempted to pare its losses. The greenback recovered by almost 0.2 percent, nevertheless staying on its track to log extended losses amid a global anti-dollar sentiment. It has further to do with the Federal Reserve’s announcement to continue its quantitative easing programs.<\/p>\n
“The announcements this week certainly reinforce the prospects of loose monetary conditions, and favorable risk asset performance, which led by the Fed will keep the US dollar on a weakening path,” the analysts at MUFG told Reuters<\/a>.<\/p>\n