this bitcoin and EtherThe world’s top two digital tokens are on their way to their best month since 2021. reactivation of risk appetite optimism in global markets and an Ethereum network upgrade.
Bitcoin is up 26% in July, while Ether is up 65%. rallies stopped today Friday. Bitcoin was down 2% to trade at $23,538 at 9:34 am in New York, while Ether hovered around $1,672.
this slowdown in the US economy It leads investors to think that the Federal Reserve will finish raising interest rates by the end of the year and may begin lowering borrowing costs in 2023, creating a more favorable liquidity environment for speculative assets.
“Signs that the Fed may be nearing the end of its rate hike cycle have removed all risk assets and cryptocurrencies also benefited,” he said. Pretty Luconsulting general manager Venn Affiliates. “The liquidation of leveraged positions appears to be over,” he added. “Markets may have bottomed out”.
Cryptocurrencies are working bounce back from this year’s recession This destroyed more than 50% of the MVIS CryptoCompare Digital Assets 100 index. Earlier this year, virtual currencies took a hit as the Fed turned to monetary tightening and then leveraged bankruptcies such as a cryptocurrency hedge fund. Three Arrows Capital.
Meanwhile, the Ethereum blockchain is a betting system proof more energy efficient, it has recently benefited from its local symbol, ether. The virtual currency can range from $1,915 to $2,000 in the coming days. Mark NewtonHead of technical strategy at Fundstrat.
“Ethereum technically looks more attractive than Bitcoin in the short term, so pullbacks by mid-August should be buyable,” he said.
Still, cryptocurrencies came under pressure at the end of the week. key inflation indicators US prices rose more-than-expected on Friday, raising concerns that prices will stay higher for longer than expected. On the other hand, the Chairman of the US Securities and Exchange Commission, Gary Genslersaid it increased the pressure for cryptocurrency trading platforms they register In the Wall Street editor.
Joe DiPasqualeCEO BitBull CapitalHe said he will watch to see how Bitcoin closes the month and retests key supports around $19,000 and $20,000. “Successful bounces in this range give the bulls solid foundation for continued rally“, aforementioned.