Dollar Plunges as Bitcoin Soars in Value


The dollar has plunged in worth — the steepest fall since 2003 — while cryptocurrencies such as bitcoin have soared in 2017, reported Reuters.

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The dollar fell to its lowest in over three months against a number of other major currencies on Friday, with last week’s tax overhaul taking the blame.

“The dollar will face more headwinds in 2018,” said Chris Gaffney, President of World Markets at EverBank in St. Louis, Missouri. “The Fed won’t be going at it alone in terms of taking off more gas from the stimulus pedal.”

Meanwhile, bitcoin, along with other cryptocurrencies have dramatically surged in value.

The euro also rose in worth, due to bets that the European Central Bank may consider raising interest rates by the end of next year due to higher inflation and business activity.

The dollar also weakened against the yen, sterling, Canadian dollar, Swedish crown and Swiss franc.

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