Declining Dollar And Iran Sanctions May Take Bitcoin And Gold To New Heights

Shortly after the US launched new sanctions against Iran, Bitcoin rose 2.9 percent to $ 11,363. Gold rose to $ 1.434, the highest level in the last six months. At the time of writing, the Bitcoin price was trading at $ 12,800. The price of ounce of gold is loosened up to $ 1,409.

At the beginning of June 25, the US dollar fell to its lowest level in recent months against the Euro and the Japanese Yen. The US Dollar Index saw 95.94, the three-month low against six of its major currency rivals, and lost 1.7 percent in the last five trading sessions.

The possible spillover effects from the Federal Reserve's monetary easing, as well as the country's growing tension with Iran and China, are among the factors triggering the dollar's fall.

Some analysts and traders see the last rally in Bitcoin price as a kind of “anti-dollar” trade. This view is very logical given the situation of the dollar's weakness in terms of the rise of Bitcoin.

Tom Lee, co-founder of Fundstrat Global, seems to agree. In a recent interview with CNBC, Lee said that after Bitcoin saw the five-digit figures, Bitcoin might have persuaded many large and fx traders against long-term price expectations.

Of course, one of the most important factors that fueled the latest Bitcoin rally was the fact that Facebook's crypto money project, Libra, attracted institutional attention to the crypto money market.



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