Strong Dollar Brings Crypto Mayhem?

A rising dollar against major currencies, along with a desire to lock in profits from cryptocurrencies, caused an overnight sell-off in the crypto market, says an analyst.

The cryptocurrency market capitalization has dropped 7.5 percent in the last 24 hours to $2.66 trillion, shattering a long period of stability.

With that, cryptocurrencies have experienced a sell-off, taking major cryptos below recent short-term support lines.

The abrupt drop in cryptocurrency prices comes after bitcoin experienced its first significant upgrade in four years over the weekend. The bitcoin price has risen in the run-up to the long-awaited upgrade, approaching $70,000 per bitcoin for the first time last week.

The Taproot upgrade was successfully activated at 12:15 am on November 15 at a block height of 709,632. The block height of a blockchain is an indication of its current size in existence. The upgrade is one of the biggest changes ever in Bitcoin ever since the introduction of Segregated Witness (Segwit) in 2017.

But, once again, bitcoin has done what it does best: it has defied expectations.