Analyst: Strong U.S. Dollar Hurting Cryptocurrency

Bitcoin (BTC)–While most of the cryptomarkets and its investor base scramble to find the cause over the recent bottoming-out in the market, which has made only a modest recovery in the past few days, one analyst has an interesting take on the falling price of Bitcoin and altcoins: a strengthening U.S. Dollar.

Since the start of August, the cryptocurrency market has been experiencing a roller coaster ride in terms of volatility. While the end of July seemingly signaled a recovery in the market, and possibly a bullish return for investors, subsequent price action has shed a different light. Following widespread faith in the passage of a Bitcoin Exchange Traded-Fund by the U.S. Securities and Exchange Commission (SEC), the market made a decent recovery, with Bitcoin rising above $8000 and holding its position. However, a series of events led to a decrease in investor confidence, beginning with the SEC’s denial of the Winklevoss Twins’ proposed ETF.

New York-based firm VanEck has…