Bitcoin's range-play continues amid reports that 'long dollar' remains the most popular trade among sophisticated investors. reports godbole17
bullish month of October. So far, however, the bounce has remained elusive, as sophisticated investors continue to park money into the U.S. dollar .
The greenback has consistently been the most sought-after asset since July, thanks to Federal Reserve's ongoing efforts to control inflation with unusually large interest rate hikes that have lifted the benchmark interest rate by 300 basis points in six months. The Fed tightening has roiled risk assets, including cryptocurrencies and sent the dollar higher.
Therefore, some observers expect the dollar to come under pressure in the coming months. A notable pullback in the greenback, if any, would bode well for risk assets. However, according to crypto services provider, Matrixport's Head of Research and Strategy, Markus Thielen, the odds might remain stacked against the dollar bears.
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