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Dollar Falls to Lowest Level in Over 2 Years While Gold, Silver, Bitcoin Continue to Shine
The dollar index dropped to its lowest level since May 2018.
By Zack Voell
Updated Mar 6, 2023, 2:54 p.m. Published Jul 30, 2020, 6:30 p.m.
The dollar on Thursday dropped to its lowest level since May 2018 as the Federal Reserve said it plans to keep interest rates close to zero, and inflation hedges continue to show strength.
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- The dollar’s trade-weighted index – a measure of its value relative to a basket of other dominant currencies – dropped to $93.04 Thursday afternoon.
- The last time the index traded this low was on May 15, 2018, according to TradingView.
- As the dollar weakens, gold continues to trade near its new all-time highs, reaching $1,980 on Tuesday.
- The yellow metal has gained more than 10% in July.
- Silver has rallied nearly 30% in July, trading at $23.26 at last check.
- Bitcoin, previously stuck trading in a tight range between $9,000 and $10,000 for nearly two months, followed the rallies in precious metals when it broke above $11,400 on Tuesday.
- Bitcoin has soared 53% in 2020, according to Messari.
- “In the coming weeks you’ll see the dollar weakening further,” Qi Gao, a currency strategist at Scotiabank, told the Financial Times.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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