Dollar index has plunged below 100 for first time in years Advertisement

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Earlier this Friday, Bitcoin, the leading cryptocurrency by market cap, surged to an intraday high of $81,025.

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Meanwhile, the U.S. dollar index (DXY) plunged to 99.705, the lowest level since April. The widely tracked index shows the strength of the greenback against a slew of foreign currencies. 

Meanwhile, the price of gold has hit a new record high of $3,220, extending its record-breaking run. 

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There is some speculationthat Asian investors are currently selling dollar assets and buying gold. 

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The 10-year Treasury yield is on the verge of breaking 4.5%, causing more investor angst. 

Miserable triple whammy

As noted by analyst Pietro Vintani, the combination of surging rates and the plunging currency is typical during crises on emerging markets.

Meanwhile, U.S. stock futures were in the red earlier today after plunging sharply lower on Thursday.