Bitcoin might be poised to gain as the US dollar continues to weaken. The US Dollar Index (DXY) fell to 96.377 on July 1, way below its 200-day moving average. This is the largest gap below the long-term average in 21 years, Cointelegraph reports.
According to Cointelegraph, experts say this trend might drive Bitcoin's price. Darkfost, a contributor to CryptoQuant, mentioned that periods when the DXY remains below its 365-day average have typically favoured Bitcoin. According to him, Bitcoin wallets have yet to react to the change.
Economist Lyn Alden explained to Cointelegraph that growing the supply of the US dollars over time is one of the reasons for which it might be beneficial to hold Bitcoin.
Advertisement
The weakness of the dollar has also been associated with long-term problems in the American economy, including increasing debt and a widening trade deficit. These items can weaken the dollar on the international stage and push investors into alternative assets.
Cointelegraph noted that Bitcoin has not yet shown a strong price reaction. However, with the dollar at its weakest in over two decades compared to key averages, analysts see a supportive environment for a possible Bitcoin rally.
Truth Social Files To Offer Exposure To Top Five Cryptocurrencies
Trump Media & Technology Group, the umbrella organisation for Truth Social, has filed to introduce a new cryptocurrency exchange-traded fund (ETF) named the "Truth Social Blue Chip ETF," designed to provide investors with exposure to leading digital currencies via traditional markets.
Advertisement
According to Cointelegraph, the firm made an S-1 registration with the United States Securities and Exchange Commission (SEC) for this ETF, which will invest in Bitcoin (70 per cent), Ether (15 per cent), Solana (8 per cent), Cronos (5 per cent), and XRP (2 per cent). The digital assets will be kept under custody, and the allocation will have to be changed by filing a new filing with the SEC.
The ETF will be operated by Yorkville America Digital and will be organised as a Nevada business trust. It intends to list on NYSE Arca when it has received regulatory approval. The fund will issue and redeem shares in lots of 10,000 to maintain its trading price correlated with the value of the underlying crypto assets.
Advertisement
This is Trump Media's second ETF filing. According to Cointelegraph, an earlier filing, which was made in June 2025, suggested a dual crypto ETF but on Bitcoin and Ether alone in a 75 per cent and 25 per cent ratio. That filing remains under review by the SEC.
The new filing indicates Truth Social's bid to expand its share in crypto investment products and provide more exposure to high-cap digital coins.
New Zealand Banned Crypto ATMs To Prevent Money Laundering
New Zealand has chosen to prohibit cryptocurrency ATMs outright and restrict international cash transfers to 5,000 US dollars. As reported by Cointelegraph, the government implemented these regulations to make it more difficult for criminals to launder money into digital assets.
Advertisement
Associate Justice Minister Nicole McKee explained that the objective is not to hurt legitimate businesses but to prevent illegal dealings. She stated that the prohibition will complicate criminals' use of cash to purchase cryptocurrencies using these machines.
The new regulations also enhance the powers of the Financial Intelligence Unit (FIU), enabling it to make inquiries at banks and other financial institutions about individuals suspected of illicit financial activity. Two pieces of legislation with these amendments are pending in Parliament and are likely to be enacted later this year.
The authorities suspect that the ATMs for cryptocurrency are increasingly being exploited by criminals to launder money. These ATMs are widely available in corner shops and gas stations and can be used to instantly exchange cash into cryptocurrency.
The action is part of a broader move by governments globally to end the abuse of virtual currencies. Other nations such as Australia and the United States have also followed suit.
