Bitcoin Impressive July Recovery In The Midst Of An Ongoing Crisis
01 August 2022 - 5:00PM
NEWSBTC
Despite the ongoing crisis, which includes high-profile
bankruptcies, problems with crypto lenders, and worries about
inflation and rising interest rates, Bitcoin, the leading
cryptocurrency, rebounded from its 2022 June lows. It finished July
with an impressive recovery to the $24,000 threshold. The months of
June and July 2022 on the cryptocurrency market were heated
downtrends. Some investors lost their faith in these months due to
a painful deleveraging process brought on by a liquidity problem in
the crypto lending industry in 2022. Related Reading : TA: Ethereum
Consolidate Gains, Why This Support Is The Key Several lenders,
including Celsius, Vauld, and Zepmix, banned withdrawals
due to the severe market sell-off of significant cryptocurrencies,
resulting in job losses throughout the cryptocurrency sector.
However, the crypto winter was partially over for investors in
July, but a slew of high-profile bankruptcies indicates that things
aren’t quite back to normal for them just yet. Like, crypto
lender Voyager Digital was compelled to seek Chapter 11
bankruptcy protection on July 6 following the collapse of the
$10 billion cryptocurrency hedge fund Three Arrows Capital (3AC) in
June. Nevertheless, with Bitcoin rebounding, crypto investors feel
a slight sparkle after coping with all of these catastrophes.
Moreover, the cryptocurrency market bounced back in July following
its disappointing result in June. In addition, the Federal
Open Market Committee (FOMC) increased its federal fund’s rate goal
by 75 basis points (bps) in order to counter 40-year high
inflation, which is one of the factors that helped boost
cryptocurrency prices in the last week of July. Recovery Of Bitcoin
From June’s Low Price Analysis In July, the cost of BTC increased
by about 20%. That represents the best gain since October. As we
entered August, the price of Bitcoin was almost around $24,000. BTC
is currently trading at $23,045.40 and has had an 11.78% increase
in trading volume over the past 24 hours to $46.89 billion, as
shown in Nomics data. Bitcoin’s price dropped steadily from January
to May 2022, hitting a closing price of $47,445 at the end of March
before further dropping to $28,305 on May 11. Bitcoin has not
closed below $30,000 since July 2021 up to that point. But on June
13, bitcoin’s price abruptly dropped below $22,000 for the first
time since December 2020. Nomics statistics show that on June
17, the monthly low was around $17,675. Related Reading
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Resistance Of $1.0 Therefore, the biggest significant monthly
decline in the price of BTC since 2011 happened in June, when its
market value fell by more than 37.3%, finishing the month at
$19,279. Furthermore, BTC started trading at $19,265 on July 1,
then gradually and steadily regained its value. The price
fluctuated between $20,000 and $22,000 throughout the first two
weeks. But in recent weeks, BTC has seen a stunning rebound,
breaking beyond the $24,000 barrier on July 19 for the first time
this month. Featured image from Flickr, chart from Tradingview.com
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