Bitcoin and Ethereum continue to show positive momentum
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Bitcoin and Ethereum continue to show positive momentum

Bitcoin and Ethereum, the two largest cryptocurrencies in the world, continue to show positive momentum, which is why this month could be their best since 2021. This is being fueled by a revival in investor risk appetite in global markets and optimism about modernizing the Ethereum network.

    Image source: Pixabay

Image source: Pixabay

In July, bitcoin’s rate surged 28% and ether 72%, although momentum has slowed over the past day. According to the CoinDesk platform, the price of the world’s most popular cryptocurrency has increased by 4.76% and Ethereum by 6.61% in the last 24 hours. At the time of writing this note, bitcoin was worth around $24,061 per coin, and for an “ether” they were giving around $1,728.

The US economic slowdown is leading investors to believe that the Federal Reserve will complete rate hikes by the end of the year and lower borrowing costs in 2023, creating a more supportive liquidity environment for speculative investing. “Signs that the Fed may be nearing the end of its rate hike cycle have boosted all risky assets and cryptocurrencies have benefited too”— Consider the consulting company Venn Link Partners.

    Image source: Bloomberg

Image source: Bloomberg

The crypto market is trying to recover from this year’s crash, which wiped out more than 50% of the MVIS CryptoCompare Digital Assets 100 Index, which measures the top 100 tokens. The digital assets segment has been hit by the Fed’s move to tighten monetary policy and the subsequent series of collapses by major market players such as cryptocurrency hedge fund Three Arrows Capital.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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