Although the crisis continues, with high-profile bankruptcies, difficulties with crypto lenders and concerns about inflation and rising rates of interest, Bitcoin, the world’s most prominent cryptocurrency, has rebounded since its June 2022 lows. With a remarkable rebound to the $24,000 mark, it finished July.
On the crypto market, June and July 2022 were hot downtrends. A liquidity issue in the crypto lending sector in 2022 caused some investors to lose faith.
Similar Reading: TA: Ethereum Consolidate gains, Why this Support Is So Important
Several lenders, including CelsiusVauld and ZepmixDue to the drastic market selling of large cryptocurrencies, the ban on withdrawals was implemented. This led to job losses in the entire cryptocurrency industry.
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.
As Voyager Digital, a crypto lender was forced to look for Chapter 11 bankruptcy protection available July 6 following the collapse of the $10 billion cryptocurrency hedge fund Three Arrows Capital (3AC) in June.
However, Bitcoin is rebounding and crypto investors can feel some relief after all these disasters. In July, however, the market recovered from its disappointment 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
The cost of Bitcoin rose by 20% in July. This is the largest gain in Bitcoin since October. Bitcoin’s price was close to $24,000 at the beginning of August. BTC trades at $23,045.40. The cryptocurrency has seen a 11.78% rise in trading volume to $46.89 Billion in the last 24 hours, according to 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.
Since July 2021, bitcoin has never closed below $30,000 in Bitcoin. But on June 13, bitcoin’s price abruptly dropped below $22,000 for the first time since December 2020. Statistics on NomicsIt was shown that the June 17th, 2015 monthly low was approximately $17.675.
You may also like these related readings| Despite Polygon’s Bullish Run, Buyers Struggle Near Resistance Of $1.0
The largest monthly drop in BTC price since 2011 was June. Its market value dropped by over 37.3% and ended the month at $19 279.
BTC traded at $19 265 as of July 1st, and slowly but surely recovered its value. In the initial two weeks, BTC traded between $20,000 to $22,000. BTC is experiencing a dramatic rebound and has broken the $24,000 barrier for the first-time this month on July 19.
Featured Image from Flickr. Chart from Tradingview.com