Dollar Leads Haven Assets as Bitcoin and Gold Weaken in October

The U.S. dollar led assets viewed as havens in October while Bitcoin (BTC) and gold weakened, even as political and geopolitical strains continued across several regions.

In France, worsening fiscal conditions were linked to unrest, while major political changes remained possible in the United States and Israel. The Iran war continued, oil tanker attacks in the Strait of Hormuz increased, and Houthi forces attacked Saudi Arabia.

The dollar-debasement trade rests on the idea that investors will move away from dollars and into alternatives such as gold and Bitcoin. Columnist Jonathan Levin argued that the trade may be over.