Bitcoin surges 19% in July making it the best trading month since 2021 and Ethereum is also soaring by 50% in the past month so let’s read more today in our latest Bitcoin news.
Bitcoin might be down over 65% from the November 2021 ATH of above $69,000 but it is having a great time in July. Bitcoin surges 19% in the past 30 days and it is yet to have one of its best months since last year. The digital asset at the time of writing was trading for $24,094 and it marked a seven-day increase of 3% but most importantly, Bitcoin’s 30-day rise Is the biggest surge it had since October.
These could be seen as bullish signals as BTC and the rest of the market were hit hard by the rising inflation and the incoming worldwide recession. The FED raised the interest rates and investors shed risky assets which includes US Equities but also Bitcoin which was quite volatile. Given today’s data, the asset is doing much better than expected and it is closely aligned to the US stock market which is a typical pattern that was seen this year.
The US stocks were up for the third day in a row and are set to have their best day in two years with investors not seeming that scared by the FED’s solutions to cool inflation. Bitcoin is not the only digital asset that is performing well. Etheruem is trading for $1745 marking a 55% increase in the past 30 days. This is possibly related to the long-awaited upgrade of the second biggest crypto known as the merge. Ethereum is expected to move over to a more energy-efficient consensus mechanism dubbed Proof of stake. The upgrade will eliminate the need for the miners rather than having to rely on the validators to keep the network secure and to process transactions by locking the native cryptocurrency.
Some say the merger could have a deflationary effect so investors are more bullish than previously. The run could be short-lived for both BTC and ETH but if the inflation remains high and the digital assets follow equities, the bear market could continue to hurt the investors.
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