Bitcoin price dips under $60K as Dollar Strength Index reaches 16-month highs
Bitcoin (BTC) logged its worst daily performance since September as BTC price slid by 10% to under $59,000 on Nov. 16. On the other hand, the United States dollar jumped to its best level in sixteen months after spending across the American retail sector grew despite persistent COVID-19 fears and inflation concerns.
The BTC price established an intraday low of around $58,600 on Coinbase, only to retreat higher to reclaim $60,000 as its psychological support. Its move downside appeared as U.S. President Joe Biden signed the $550 billion infrastructure bill into law, including new tax-reporting requirements for cryptocurrency users.
Some used the news yesterday (Infrastructure Bill) to shake the tree and get some more cheap bags of #bitcoin for themselves.
— David Gokhshtein (@davidgokhshtein) November 16, 2021
Stronger retail data
Meanwhile, the dollar continued its prevailing bull run smoothly as sales at the U.S. retail stores rose…
