According to Mihir (@RhythmicAnalyst), the Dollar Index (DXY) has reversed its four-month downtrend, rebounding off the S4 support level on the monthly chart. If DXY approaches the critical 103 level, pressure is expected on the cryptocurrency market as historically, a stronger dollar often leads to capital outflows from risk assets, including crypto. Traders should monitor DXY's approach to 103 for potential bearish signals across major cryptocurrencies. Source: Mihir (@RhythmicAnalyst) on Twitter, May 12, 2025.

According to The Kobeissi Letter, the recent Bybit hack more than doubled the second-largest hack in crypto history, surpassing PolyNetwork's $611M hack in August 2021. This event, along with observed weaknesses in Ethereum, has exerted additional pressure on broader cryptocurrency markets. Hacks like these are known to deteriorate confidence in the market, influencing trading decisions.