Strong US Dollar, Not ICOs, Drove Recent Cryptocurrency Market Decline: Analyst
USD has pulled back somewhat against emerging markets currencies. | Source: eToroHowever, the dollar rally has hit a speed speed bump over the past several days, enabling currencies like the Lira, Rand, and Peso to recoup some of their losses. That USD pullback, perhaps not coincidentally, coincided with a midweek crypto-renaissance, enabling the cryptocurrency market cap to add nearly $20 billion after briefly dipping below $190 billion on Monday. So why is bitcoin standing out from the pack, even as the overall market struggles against a stronger dollar? It may be, to borrow a phrase from Fundstrat founder Tom Lee, because “bitcoin is the best house in a tough neighborhood.”