Crypto market weakens amid US stock sell-off, strong dollar

The cryptocurrency market is showing weakness due to a sell-off in U.S. tech stocks and an accelerating rise in the Dollar Index (DXY), CoinDesk reported. The media outlet explained that the decline appears to be driven by short-side leverage in the derivatives market, with defensive sentiment against downside risk persisting in the options market ahead of Friday's expiration. Despite the overall market weakness, some privacy altcoins have performed well. Attention is also turning to a potential technical rebound as the market's average Relative Strength Index (RSI) enters oversold territory.