Bitcoin Slides after Best Month of 2022 as Traders are Weighing in on Recovery

    Bloomberg News reports that Bitcoin has dropped after it attained its highest mark since mid-June on Saturday, giving rise to speculations that it is quite likely that the market may have rebounded from the worst.

    The biggest digital token slid by as much as 2.4%, recording the figure at $23,247 on Monday after hitting on Saturday at $24,658, the highest since June 13th. In July, it registered a gain of 27%, considered the best since October. It was found that Ether also dropped after it posted a 70% jump in the previous month, the best since January 2021.

    Antoni Trenchev, the co-founder and managing partner of Nexo, a crypto lender, stated that August appears to promise to manifest bouts of volatility which appears to be guaranteed. However, despite the same, he prefers to be leaning towards a repetition of the resilience manifested in July over the capitulation of June, after Bitcoin was found absorbing one or two macro punches of the last week of rate hikes of the Federal Reserve and data indicating that the US economy for a second consecutive quarter was found contracting.




    Close By as Bitcoin Sits Around its 200-week Moving Average

    Bitcoin has dropped below the $20,000 mark between late June and mid-July amidst concerns about inflation and a hike in rates. Aside from the same, some troubles are internal to the cryptocurrencies, including the Terra/Luna implosion of the ecosystem and Three Arrows Capital hedge funds.

    Bloomberg News also reports that it is still well off the record high, with figures around $69,000 from November. However, it has started showing some strength in the light of economic indicators that are challenging and with stringent monetary policy.

    Edward Moya, a senior market analyst, Oanda, said on Friday that it is quite likely that the so-called “crypto winter” might be over, and this is the need of the hour so that the flows get back into space.



    RELATED ARTICLES

    Best Trading Apps to Open a Demat Account

    Best Trading Apps to Open a Demat Account: Features & Fees

    Investing in the stock market has become more accessible than ever with trading apps that...
    5 Mistakes to Avoid for Choosing the Best Share Market App

    5 Mistakes to Avoid for Choosing the Best Share Market App

    Investing in the Indian share market is now easier than ever in the current digital...
    Wheon.com finance tips

    Wheon.com finance tips of 2025: What’s Changing and Why It Matters

    The financial world never stands still, and 2025 is no exception. This year, we’ve witnessed...
    wheon.com finance tips

    Wheon.com Finance Tips: Top Financial Services Trends of 2025

    Wheon.com finance tips are more important than ever, given how fast money matters are changing....
    Smart Gifting Strategies - How to Gift Annuities While Minimizing Tax Impact

    Smart Gifting Strategies – How to Gift Annuities While Minimizing Tax Impact

    For individuals who are fortunate enough to have more savings than they need for retirement,...
    Unlocking Financial Security

    Unlocking Financial Security: How Stocks & Nifty 50 Can Safeguard Your Investments and Ensure Future Returns

    Introduction In today’s dynamic financial landscape, investing wisely is crucial to securing a stable future. Many...
    Best Trading Apps to Open a Demat Account

    Best Trading Apps to Open a Demat Account: Features & Fees

    Investing in the stock market has become more accessible than ever with trading apps that...
    Tampa's Thriving Business Climate and Why It’s So Hot Right Now!

    Tampa’s Thriving Business Climate and Why It’s So Hot Right Now!

    Over the past decade, Tampa has undergone a quiet but powerful transformation. Once seen as...
    Minneapolis Property Management

    Minnesota Property Management Services

    If you’re in search of a reliable, efficient, and professional property management company in the...
    technology trends

    Technology Trends for 2025: The Next Frontier of Innovation

    The digital landscape is changing more swiftly than ever, reconstituting businesses, communities, and everyday life....
    ecommerce marketing tactics

    Ecommerce Marketing Tactics: How the Trend is Changing in 2025

    The 2025 E-commerce industry is even more vibrant, cutthroat, and focused on consumers than just...