July ends with a bitcoin rally and the U.S. dollar’s worst month in 10 years

The US dollar had its worst month since 2010, when digital assets like Bitcoin and Ether were significantly higher in late July.

As reported by the Financial Times, the dollar index, which measures the performance of the US dollar against six other government-issued currencies, fell 4.3% in July, the largest monthly sell-off since 2010. Against the euro, the US Dollar fell more than 4.6% while the dollar fell more than 3% against the Japanese yen.

<p class = "Canvas-Atom Canvas-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The steep fall of greenbacks is an ongoing period like The Block As previously reported, investment bank Goldman Sachs raised concerns earlier this week that political and economic uncertainty is increasing could endanger The reserve status of the US dollar. "data-reactid =" 25 "> The steep decline in greenbacks is underpinned by an ongoing period of growing political and economic uncertainty. As The Block has previously reported, investment bank Goldman Sachs raised concerns earlier this week could endanger the reserve status of the US dollar.

"Combined with a record level of government debt accumulation, there have been real concerns about the longevity of the US dollar as a reserve currency," said the note.

The Department of Commerce also reported that US GDP fell more than 32% annually in the second quarter and is one of the most severe contractions in its history. Meanwhile, government bond yields have hit a record low, according to a statement by Fed chairman Jerome Powell, which reaffirmed her aggressive monetary stance on the crisis. As the Wall Street Journal noted, the announcement brought the 10-year return to the third-lowest closing price in 2020.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "In the meantime Bitcoin continues to increase Cryptocurrency up more than 21%, largely due to a rally Kicked away last week. Ether has risen by more than 48% since the beginning of July. "Data-reactid =" 28 "> Meanwhile, Bitcoin continues to rise, and last month the cryptocurrency rose more than 21%, mostly due to a rally that Kicked away last week. Ether has risen by more than 48% since the beginning of July.

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "© & nbsp; 2020 & nbsp; The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or used as legal, tax, investment, financial or other advice."data-reactid =" 30 ">© 2020 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or used as legal, tax, investment, financial or other advice.



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