Everyone's watching crypto, but no one is watching this chart.
And this chart actually explains why the crypto market is stagnant. Here's how:
The dollar index $DXY just hit 100 for the first time since May
The index has put in five green daily candles in a row
This helps explain why crypto prices have been stagnant – DXY and crypto are usually inversely correlated.
So the real questions are:
- What caused this DXY recovery?
- And what does it mean for the crypto market from here?