{"id":220071,"date":"2025-03-17T10:59:00","date_gmt":"2025-03-17T14:59:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=220071"},"modified":"2025-03-17T11:18:28","modified_gmt":"2025-03-17T15:18:28","slug":"stocks-and-bitcoins-fate-lie-in-the-dollars-hands","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/stocks-and-bitcoins-fate-lie-in-the-dollars-hands\/","title":{"rendered":"Stocks and Bitcoin’s Fate Lie in the Dollar’s Hands"},"content":{"rendered":"\n

This will be an interesting week. After all, the S&P 500 is not often down for five consecutive weeks, so one has to think this might be the week the market attempts a rebound. From what I can tell, the last time it declined for at least five weeks in a row was in April and early May 2022, and before that, such occurrences seemed rare.<\/p>\n\n\n\n

The index also closed below its lower weekly Bollinger Band, which indicates that it is pretty oversold at these levels, suggesting a potential bounce.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Can we expect a bounce? There\u2019s a good chance, but whether it happens is another question. Technicals may not apply in an environment that seems to be experiencing a buyer\u2019s strike. More importantly, the Bank of Japan is likely to set the tone for future rate hikes, which could significantly impact USD\/JPY. While the BOJ is not expected to raise rates this week, It is expected that they will signal further hikes later this year. This will put the spread between U.S. Treasury rates and JGBs in focus, which will play a major role in determining where USD\/JPY moves.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The USD\/JPY is at crucial level and will significantly impact what happens next. However, predicting its direction from here isn\u2019t easy, as it\u2019s facing a downtrend, horizontal resistance, and the 10-day exponential moving average. There is strong resistance around 149 to 149.25, and if the BOJ signals more rate hikes\u2014as they should\u2014the general trend in USD\/JPY is likely to remain lower, meaning the yen strengthens.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

I think a stronger yen suggests the potential for lower stock prices, while a weaker USD\/JPY means higher stock prices. That\u2019s how the relationship has played out recently, and I don\u2019t believe we\u2019ve reached a point where it should change or stop working.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Talking about liquidity and currency\u2014have you ever seen those dumb charts on social media where they overlay \u201cGlobal M2\u201d with Bitcoin, making it look like Bitcoin is following \u201cGlobal M2\u201d? First, M2 values are typically updated only once a month, so there is no precise way to know where M2 is between the monthly updates. Secondly, global M2 is measured in U.S. dollar terms, meaning the \u201cGlobal M2\u201d is essentially just a dollar proxy. Essentially, you take Eurozone M2 and convert it from euro to dollars, Japan\u2019s M2 to dollars, and so on, so if the dollar weakens against the euro, then the value of M2, when measured in dollars, will increase if M2 is denominated initially in euros, and vice versa.<\/p>\n\n\n\n

So, at least since Q4 2023, the chart shows that Bitcoin, in this case, has traded about 20 days behind the DXY Index.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

That is likely because, perhaps more importantly, foreign investors were selling local currency to buy dollars to invest in Bitcoin, giving them the added advantage of gaining dollar strength and bitcoin gains. That trade appears to be unraveling.<\/p>\n\n\n\n

This becomes more apparent when you examine the relationship between the USDJPY and Bitcoin, with the 20-day lag.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

And with the EURUSD, but instead, use USDEUR for visual purposes.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Again, it may appear in some ways to be an M2 play, but it is a dollar proxy. But then again, I could be completely wrong. You can decide for yourself; you know what I think, at least.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted on March 16, 2025 – Stocks and Bitcoin’s Fate Lie in the Dollar’s Hands<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The S&P 500 is not often down for five consecutive weeks, so one has to think this might be the week the market attempts a rebound.<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[6,8,9,22,26,3],"tags":[410,12342,724],"contributors-categories":[13718],"class_list":{"0":"post-220071","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-north-america","7":"category-region","8":"category-securities","9":"category-stocks","10":"category-text-articles","11":"category-traders-insight","12":"tag-bitcoin","13":"tag-m2","14":"tag-stock-prices","15":"contributors-categories-mott-capital-management"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nStocks and Bitcoin’s Fate Lie in the Dollar’s Hands<\/title>\n<meta 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