It's been a good month for bitcoin - and we haven't said that for a while. After months of freefall, it jumped more than 17% in July, its best performance since October.
It's been a good month for bitcoin - and we haven't said that for a while.
Bitcoin's 40-day correlation to the tech-focused Nasdaq now stands at 0.90 - up from 0.41 in January - where 1 means their prices move in perfect lockstep. "It means institutional investors are looking at bitcoin like any other asset," he said. "When the market turns - and it will turn – these institutions will come back and invest in crypto."
However, trading has been thin - indicating plenty of investors gauge it's too early to turn bullish in a deeply uncertain macro backdrop with inflation rampant, and America and Europe staring down the barrel of a recession, not to mention the implosion of some big crypto players. It will likely continue to trade in a tight range of around $20,000, plus or minus 10% to 15%, until there is more clarity over the economy's trajectory, according to Chris Terry, vice-president at lending platform SmartFi.On the flip side, if the United States enters a prolonged recessionary period and the Fed is forced to cut interest rates, bitcoin could benefit, said Russell Starr, CEO of Valour, which creates exchange-traded products for digital assets.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin beats the heat in a jumpin’ JulyThe leading cryptocurrency’s rally was in step with gains of riskier assets such as stocks
Read more »
Letters, July 31: 'Why are we so poorly maintaining city green spaces?'CITY IS JUST UGLY I can’t believe the people of Calgary aren’t up in arms over the lack of maintenance in the city on all of its green spaces. The lawns…
Read more »
Daily Horoscope for Sunday, July 31There are no restrictions to shopping or important decisions today. The Moon is in Virgo
Read more »
Hilary Duff’s Husband Matthew Koma Chides Candace Cameron Bure Over Fourth Of July TikTokMatthew Koma is offering Candace Cameron Bure a slight correction. In a post on his TikTok feed, the musician and husband of Hilary Duff posted a Duet of a video Candace Cameron Bure shared on July 4. [readmore label='READ MORE: ' link='https://etcanada.com/news/915929/candace-cameron-bure-reveals-shes-spoken-to-jojo-siwa-following-rudest-celebrity-backlash/' text='Candace Cameron Bure Reveals She’s Spoken To JoJo Siwa Following ‘Rudest Celebrity’ Backlash']…
Read more »