In the first days of August, BTC is above $24,000, its highest level since mid-June, while ether – the second-largest cryptocurrency on the market – jumped 70% last month, its best level since January 2021.
Bitcoin fell below $20,000 in late June and July amid rising interest rates and inflation concerns.As well as internal cryptocurrency issues such as the explosion of the Terra/Luna ecosystem and hedge fund Three Arrows Capital.
“August Promises To Be As Hurt For Bitcoin With Guaranteed More Volatility”Antoine Trenchev, co-founder and managing partner of cryptocurrency lender Nexo, told Bloomberg.
In fact, he said that he is “leaning toward a repetition of the July Resistance over the June surrender,” and expanded: “Cryptocurrencies and stocks are positively correlated with each other, and this has been especially the case with mega-caps”,
Jake Gordon of Bespoke Investment Group, in a note late last week, cited strong results from large-cap tech companies that “They helped drive risk sentiment to push crypto higher.”
“The reason we are not bullish on crypto yet is because there are no business models that we are aware of that generate revenue outside of other crypto applications”He added.
However, he added that “as digital assets become a more mature asset class with the entry of institutional investors, a lot of on-chain adoption and development, over time you will see people looking at digital assets from a different perspective.” Huh.”
