Massive losses in cryptocurrencies push XRP down 5%. Dollar fears Bitcoin hunters
As a stronger dollar pushed global currencies and assets like Bitcoin lower, XRP led cryptocurrency losses on the second day of the last day of 2017.
Historically, BTC has moved inversely to the US Dollar Index (DXY), which tracks the exchange rate of the dollar against major fiat currencies like the euro.
Despite the lack of a price cut or a strong dollar, some believe that the long-term policies of cryptocurrencies will boost the market.
XRP led cryptocurrency losses on the second day of the final day of 2017 as a stronger dollar pushed global currencies and assets like bitcoin lower, sending Asian stock markets lower on Monday.
In the past 24 hours, XRP has fallen by more than 5%, while DOGE, SOL, ETH, and BNB have fallen by up to 2%. Market cap is down 3%, while the CoinDesk 20 (CD20) index, which includes the largest tokens, excluding stablecoins, has lost 3.5%.
U.S. stocks fell on Friday as investors trimmed holdings amid year-end uncertainty. The Asia-Pacific index reversed a five-day winning streak, while S&P 500 and Nasdaq futures showed losses in the U.S. session through Monday afternoon.
Historically, BTC has moved inversely to the US Dollar Index (DXY), which tracks the exchange rate of the dollar against major fiat currencies like the euro.