'High Probability' Bitcoin Rises as USD Sinks to 2008 Levels

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As some traders are calling it the "Most pivotal moment" for the global reserve currency since 2008, they believe that continuous depreciation will likely boost the price of Bitcoin.

Some investors believe that the fall in the value of USD affected the price of Bitcoin.

Why the U.S. dollar could have an impact on Bitcoin.

The value of the USD affects Bitcoin because traders typically price BTC against USD. When the dollar depreciates, the asset that BTC is trading against is lower in value.

"If the dollar continues to depreciate, there is a high probability that Bitcoin will continue to rise."

At the same time, Bitcoin trading activity is reaching new highs in various markets, including institutional venues such as the CME and its BTC futures contracts.

In recent weeks, the open interest of the CME Bitcoin futures market has risen to an all-time high.

The rising appetite for BTC coincides with a falling dollar, which could further improve the sentiment around Bitcoin.

The CME Bitcoin futures open interest hits a new high.

Wall Street veteran Max Keiser, for example, predicted last week that Bitcoin is destined to continue beyond its all-time highs this year, possibly hitting as high as $28,000 before seeing a market correction.