Hope for Bitcoin investors?
After falling dramatically, the popular cryptocurrency is showing a recovery and jumped 17% during the month of July.
Bitcoin showed the most significant monthly increase since October 2021.
Since the end of November, Bitcoin has been correlated with the NASDAQ index since the end of December, unlike previous years when they moved in opposite directions. The currency, which reached a value of more than $60,000, was traded at a value of $23,336 (as of yesterday).
Bitcoin Embassy in Israel, photo: Yehoshua Yosef
Itai Avneri, Deputy CEO of the digital asset trading company INX, told "Israel Hayom": "We were able to see in July that even though Bitcoin started with a decrease in its value even below 20 thousand dollars.
An amount that in the past had a psychological effect - this month ended with a value of over 23 thousand dollars."
Avneri also adds: "Similar to the financial world, which is undergoing change, so is the crypto market, which is an inseparable part of it. Which means that institutional investors look at Bitcoin like any other asset. And the more changes apply to the market, the more investors and institutional entities will turn to the crypto world."
As a result, the crypto market showed an increase during the month of July.
The value of the global cryptocurrency market rose to over $1.15 trillion and increased its value by $255 billion.
However, trading was conducted in a weak manner, which indicates that many investors estimate that it is still too early to expect a significant increase in the currency, especially at a time when inflation is rampant and the West is approaching recession.
On top of that, investors see significant crypto players breaking up, such as the crypto lending platform, and are in no rush to increase investments.
were we wrong
We will fix it!
If you found an error in the article, we would appreciate it if you shared it with us