A weaker dollar is not helping Bitcoin, analyst says

A weaker U.S. dollar is not currently providing a significant boost to Bitcoin, according to an analysis reported by CryptoPotato. The report cited GugaOnChain, a CryptoQuant contributor and on-chain analyst, who explained that a weaker dollar only serves as a catalyst for a Bitcoin rally when macroeconomic conditions such as high inflation and abundant liquidity are present. In the current market, which is characterized by widespread fear and a strong risk-off sentiment, investors tend to prefer assets with a long-established role as a store of value, such as gold. The analyst added that if a dollar devaluation stems from a crisis of confidence and extreme risk aversion, cryptocurrencies typically decline alongside the stock market.