Bitcoin Revives To US$ 18,991, After Falling Sharply Yesterday Due To Strong US Dollar Index

The cryptocurrency market revives only marginally today, after falling sharply yesterday. The US Dollar index hit a fresh 52-week high recently, pulling the crypto market and commodity markets down internationally. Today, on September 7, at 5.44 pm UTC, Bitcoin gained by 0.94% intra day, and was quoted at US$ 18,991.70. Yesterday, Bitcoin closed at US$ 18,815.30, falling significantly. According to ISM (Institute of Supply Management) data, the US services sector grew at 56.9%, faster than expected in August. This better-than-anticipated data recently aided the US Dollar index to hit a fresh 52-week high, and reach 110.79, today.

In the last 5 days, Bitcoin fell by 5.04%. In the past 1 month, it has dropped sharply by 18.33%; as on August 7, the asset closed at US$ 23,797. Additionally, in the past 6 months, Bitcoin plunged by 50.13%.

Similar to Bitcoin, other large cryptocurrencies are also bullish today. Ethereum was quoted at US$ 1,565.05, up by 0.29%. Yesterday, Ether closed at US$ 1,560.58. Litecoin was quoted at US$ 55.75, up by 2.99%, Dogecoin was quoted at US$ 0.0601 up by 2.14%, and Cardano was quoted at US$ 0.4682 up by 1.31% today, till last traded.

Crypto news:

"Bitcoin started off the post-Labor Day week by trading down 4.5% on moderate trading volume. The largest cryptocurrency sank below $19,000, falling more sharply late in the afternoon New York time. Ether, by comparison, was 2% lower on greater-than-average volume, as Ethereum moves closer to its conversion to a faster, more energy-efficient proof-of-stake protocol. Monday's successful activation of the Bellatrix upgrade is one of the final steps before completion of the Merge, a software update that is expected to be completed between Sept 13-15," a CoinDesk report mentioned.

The US stock markets also revived later today, after falling yesterday. S&P 500 gained by 1.51%, stood at 3,967.36, and Nasdaq Composite surged by 1.61%, stood at 11,730.52, at the time of writing.