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- U.S. Dollar Signals an Upturn
U.S. Dollar Signals an Upturn
I will rather bet on the strengthening of the U.S. Dollar, and the weakening of the Euro and Yen. The reason behind this idea is the latest moves in the cryptocurrency market, where the leading stablecoin Tether (USDT) restored its capitalisation to its maximum at $83.2 billion, which was last seen in May 2022. The uncertainty is returning to the market making the demand for the virtual currency pegged to the U.S. Dollar an almost certainty. The capitalisation of the asset was hampered after the crash of the algorithmic competitor TerraUSD (UST). The lows were reached after the bankruptcy of the FTX exchange in November, when the market cap was down to $ 65 billion. Since then Tether has fully recovered.
This does not mean that it is worth buying cryptocurrencies now. The situation is rather signalling that the Dollar will be strengthening, not the Euro. Tether's share of the stablecoin market exceeded 51% this February, and on June 1, this share increased to over 66%. The U.S. Dollar Index may continue rising to 106 points from 103.5.
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