BEQUANT Dollar Index measures the greenback’s value against eight digital currencies, including BTC, ADA, and ETH.
Malta-based Digital asset brokerage/exchange BEQUANT has officially released its BEQUANT Dollar Index (BQDI). The new Index compares the value of one US dollar to eight cryptocurrencies. Here are a few highlights from the report by BQDI.
According to the research published by BEQUANT, statements from the Federal Reserve helped drive a rally in cryptocurrencies. As a result, the global market capitalization has risen back to over $1 trillion, and July saw a 26 percent comeback after a terrible May and June.
BTC has increased by 5.4 percent behind ETH’s 11.9 percent, ADA saw an increase of 9.5 percent, MATIC 11.8 percent, and DOT rose by 9.8 percent. Among the top 20 currencies, the most notable performances came from Uniswap (+29 percent) and ETC (+72 percent).
The immediate response to the CPI data led to the liquidation of short trades totaling more than $200 million and long trades totaling more than $175 million. ETH was the primary driver of activity, as it had more futures trading volume than BTC over the course of the previous 24 hours at the time BEQUANT published the report (which was 2nd August 2022).
Furthermore, the report stated that the total number of investments in blockchain has fallen in the second quarter of 2022. However, the yearly run rate is still higher than that of 2021, coming in at approximately $16 billion.
BEQUANT’s Dollar Index (BQDI)
The BQDI measures the strength of the dollar against the top cryptocurrencies during the period of the report.
According to Martha Reyes, Head of Research at BEQUANT, BQDI is a means for investors to study the interconnection of the crypto economy and the dollar economy and comprehend the spillover effects of the monetary policy of the United States on the crypto universe.
“The new BEQUANT Dollar Index is another tool to help our clients make more informed investment decisions… This is another way for investors to analyze the interconnectedness of the two (dollar and crypto) and navigate through fundamental analysis in crypto more clearly.”
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