Analyst: Bitcoin Gains from Lower Dollar Index

The U.S. dollar reportedly reacted negatively to a rise in U.S. initial jobless claims, benefiting bitcoin and the stock market. The U.S. Dollar Index (DXY), which assesses the greenback's performance against a basket of the world's major currencies according to TradingView data, fell 0.45 percent to 105.25 from Thursday's high of 105.73, while the price of bitcoin has risen by 2.5 percent over the past 24 hours and was trading at $62,927 as of 9:06 a.m. ET. U.S. interest rates appear to have peaked on April 30, with the U.S. two-year yield at minus 20 basis points, and the U.S. Dollar Index is down 1 percent and bitcoin has gained 8 percent since then, given the slowdown in growth, said Aurelie Barthere, chief research analyst at Nansen.ai.