Bitcoin held back by rising dollar, Hyperliquid surges

After the rally that accelerated in early May and propelled Bitcoin to a level of $83,000, everything the crypto market had built up in two weeks has been wiped out again in just a few sessions.

Volatility

The high volatility for crypto, which has returned since mid-April, likely brought about this latest correction as well. The Bitcoin peak of May 15, just above $83,000, lasted only a few days before sellers regained control and geopolitical news worsened. In particular, the persistent threats from US President Trump against Iran kept the pressure on.

Persistent macroeconomic tensions in various countries and profit-taking following the Bitcoin rally from $60,000 to $80,000 have all contributed to the slight pullback of the last few days for the largest digital currency.

We are also seeing renewed strength for the US dollar, which is undergoing a rally that consistently has a negative impact on high-risk assets (to which Bitcoin still belongs). The greenback reached its highest level in six weeks against a multi-currency basket and stands at 1.16 against the Euro.

The outlier among the altcoins was once again Hyperliquid, which keeps rising and is now trading at $58.