The Dollar Is Weakening—Here’s Why That Could Be Good For Bitcoin: 10x Research
Recent shifts in global macroeconomic dynamics suggest that the downturn in global growth may be coming to an end, according to a report.
What Happened: The report from from 10x Research states that the declining U.S. dollar, alongside actions by major central banks like the Bank of Japan and the People’s Bank of China, signals a potential reversal in the economic slowdown that has characterized much of 2022 and 2023.
Since the launch of spot Bitcoin ETFs, there has been a surge in stablecoin activity, with $39 billion in stablecoins minted compared to $18.5 billion in ETF purchases.
While not all these stablecoins flow directly into Bitcoin, the report suggests this influx has helped stabilize the broader crypto market during times of potential correction.
However, 10x Research emphasizes that “larger macro liquidity forces may soon eclipse this ‘micro’ liquidity,” indicating a shift in the market’s driving factors.
One of the key elements affecting global liquidity has been the strength of the U.S. dollar.
The report recalls how the dollar began its upward rally in February 2022, around the time of …
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