During the first week of July, bitcoin prices have risen to their highest level since mid-June, coming as U.S. Non-Farm Payrolls handsomely beat expectations. However, as we head into the remaining weeks of the month, questions still linger on if this momentum can be maintained, despite the current uncertainty in the market.
Bitcoin’s Current Market Status
Looking back at June, bitcoin (BTC) started the month trading around the $30,000 mark, however exactly four weeks ago today, prices fell significantly, with markets still yet to recover from this drop.
Between June 8th – 18th, BTC/USD went from a peak of $31,600, to a floor of $17,612, coming as inflation in the U.S. continued to rise at historic levels.
This forced the Federal Reserve to once again hike rates, increasing them by as much as 75 basis points in hopes of curving spending.
The hike somewhat helped boost market confidence, with traders opting to buy June’s dip, however, for the most part, prices have been trading below...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...