{"id":9763,"date":"2022-08-02T14:34:42","date_gmt":"2022-08-02T14:34:42","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=9763"},"modified":"2022-08-02T14:34:42","modified_gmt":"2022-08-02T14:34:42","slug":"cryptoverse-bitcoin-beats-the-heat-in-a-jumpin-july","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/uncategorized\/cryptoverse-bitcoin-beats-the-heat-in-a-jumpin-july\/","title":{"rendered":"Cryptoverse: Bitcoin beats the heat in a jumpin&#8217; July"},"content":{"rendered":"<p>Cryptoverse: Bitcoin beats the heat in a jumpin&#8217; July. It\u2019s been a good month for bitcoin &#8211; and we haven\u2019t said that for a while.<\/p>\n<p>After months of freefall, it jumped more than 17% in July, its best performance since October. Ether rose 57%, its strongest monthly gain since January 2021.<\/p>\n<p>The rally was in step with gains of riskier assets such as stocks as investors bet that economic weakness could deter the Fed from aggressively tightening monetary policy.<\/p>\n<p>Bitcoin\u2019s 40-day correlation to the tech-focused Nasdaq (.IXIC) now stands at 0.90 &#8211; up from 0.41 in January &#8211; where 1 means their prices move in perfect lockstep.<\/p>\n<p>The leading cryptocurrency has been consistently positively correlated with the Nasdaq since late November, unlike in previous years where it would routinely turn negative, meaning they moved in opposite directions.<\/p>\n<p>Itai Avneri, deputy CEO at <a href=\"https:\/\/twitter.com\/crypto_goat_\">cryptocurrency<\/a> trading platform INX, described July\u2019s convergence as &#8220;good news&#8221;.<\/p>\n<p><em><strong>Read more:\u00a0<a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/pakistanis-lose-rs17-7-billion-to-online-cryptocurrency-fraud.html\">Pakistanis lose Rs17.7 billion to online cryptocurrency fraud<\/a><\/strong><\/em><\/p>\n<p>&#8220;It means institutional investors are looking at bitcoin like any other asset,&#8221; he said. &#8220;When the market turns &#8211; and it will turn \u2013 these institutions will come back and invest in crypto.&#8221;<\/p>\n<p>Gains were not limited to bitcoin, as the value of the global cryptocurrency market crept back above $1.15 trillion last month, adding over $255 billion since the end of June, CoinGecko data showed.<\/p>\n<p>Assets under management in digital asset investment products rose 16.9% to $25.9 billion in July, reversing June\u2019s decline of 36.8%, according to research firm CryptoCompare.<\/p>\n<p>However, trading has been thin &#8211; indicating plenty of investors gauge it\u2019s 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.<\/p>\n<p>Average daily volumes across all digital asset investment products fell by 44.6% to $122 million, the lowest since September 2020, CryptoCompare found.<\/p>\n<p>&#8220;On a medium-term horizon, we\u2019re bearish (on crypto) despite the current bounce, this aligns with our stance on equities,&#8221; researchers at MacroHive wrote on Friday, citing inflation, recession risks and rate hikes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptoverse: Bitcoin beats the heat in a jumpin&#8217; July. It\u2019s been a good month for bitcoin &#8211; and we haven\u2019t said that for a while. After months of freefall, it jumped more than 17% in July, its best performance since October. Ether rose 57%, its strongest monthly gain since January 2021. The rally was in [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":9764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[6388,6391],"class_list":["post-9763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-cryptocurrency","tag-nasdaq"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/9763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=9763"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/9763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/9764"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=9763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=9763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=9763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}