‘Fiat is fading’ — USD lowest in 3 years as Bitcoin reclaims $107K
Macroeconomist Lyn Alden said the US dollar barely “got any flight-to-safety bid” despite recent geopolitical tensions between Iran and Israel.
Analysts say the US dollar hasn’t shown its usual safe-haven strength during the recent Iran-Israel conflict, while Bitcoin is rising in another attempt to reach its $111,970 all-time high.
“The dollar index is dabbling in new cycle lows today,” macroeconomist Lyn Alden said in a post on Wednesday. “Barely got any flight-to-safety bid in the past couple weeks, either,” Alden added.
Echoing a similar sentiment, Real Vision crypto analyst Jamie Coutts said that “fiat is fading.” The US Dollar Index (DXY), which measures USD’s strength against the world’s major currencies, is trading at its lowest point since February 2022, sitting at 97.50 at the time of publication, according to TradingView data.