The US dollar, issued by the Federal Reserve, is the official currency of the United States. It is the most traded currency globally, with an average daily trading volume of $2.9 trillion.
There are several reasons for its popularity. First, the United States is the largest economy in the world and a driving force in international trade. Second, the US dollar is the world's primary 'reserve currency,' held by central and commercial banks for international transactions and investment purposes – it is estimated to account for nearly 63% of currency reserves by volume. Third, many commodities are priced in dollars, including gold, oil, and copper.
While the value of the dollar is primarily affected by the performance of the US economy and demand for commodities, its value may also be influenced by fluctuations in the economic performance of other countries that use the dollar, either officially or as a de facto currency. Among these countries are Ecuador, Panama, El Salvador, and others. #BinanceHODLerTOWNS
Markets to watch: EUR/USD, GBP/USD, and USD/JPY #BTCReserveStrategy #MarketRebound #ProjectCrypto #FedGovernorVacancy $BTC