The crypto industry has seen an unexpectedly large collapse in the last 3 months. The leading cryptocurrency Bitcoin, which was traded at $ 48 thousand only 3 months ago, has lost 60 percent of its value from these levels. These sharp declines have also deeply affected many altcoin investors. The US Federal Reserve (FED), which took hawkish interest rate decisions after the inflation rates in the USA increased, caused the US dollar index (DXY) to rise.

The US dollar index (DXY), which continues to strengthen after the Fed's interest rate hikes, causes US stock markets and cryptocurrencies to collapse.

Peter Brandt, an analyst closely followed by crypto money investors, evaluated the latest movements of the US dollar index on his official Twitter account. Stating that DXY has made a sharp upward break, Brandt claims that much larger rises may come on the US dollar front in the future.

   "Major upside breakout in U.S. Dollar $USD"

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Although Peter Brandt did not share his comments about Bitcoin and cryptocurrencies, it is known to those who follow the market that digital assets maintain their negative correlation with DXY. The downward momentum is expected to continue at least until the end of the summer months for the leading cryptocurrency Bitcoin (BTC), which seems likely to experience another collapse due to the rise of DXY.

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At the time of writing, Bitcoin price was recorded as $19.061, according to CoinGecko data, while BTC's 24-hour trading volume was $13,037,551,541. The price of Bitcoin (BTC) is down -1.4% in the last 24 hours. There is a supply of 19 Million Bitcoins (BTC) in circulation, with a total supply of 21 Million Bitcoins (BTC).

Altcoins are as follows; Ethereum is up 1.6% to 1,057, Cardano is up 0.7% to 0.449, Solana is up 1.1% to 32.72, BNB is up 1% to 217 and Ripple is up 0.2% to around $0.312.