In the past few days, Bitcoin has seen an improvement in its performance, with its most recent high hitting a three-month high of $46,800.
Bitcoin rebounds from three-month high
In the past few days, Bitcoin has seen an improvement in its performance, with its most recent high hitting a three-month high of $46,800, but has since rebounded around $2,000 since, bringing the price of the coin to around $42.7K, an increase of 9.5% over the last few days. Over the past 7 days, during the month of July, the value of the leading coin gained around 23.5%.
Since Monday, the total market capitalization of cryptocurrencies has increased by about $76 billion and currently stands at $1.9 trillion.
Bitcoin Rising to a new high in 3 months
The past few days have been going well for Bitcoin bulls, after the asset fell below $43,000 on Monday, and it comes amid controversy from the US government that failed to reach agreement on specific tax legislation on the crypto industry.
However, she reacted Bitcoin It did well with this drop and it recovered more than $4,000 in the following hours to a high of $46,800, then traded in a range-bound for a while at around $45,500, but it managed to hold and attract more bullish momentum to bounce back, as a result, It reached its highest price and touched the $46,800 level, which is the highest since May 16, however, it failed to continue rising and maintain its momentum and fell back around $2000 after that.
So far, it has recovered some gains to currently stand above $45,000, and its market capitalization has stabilized at around $850 billion, while its dominance has slipped slightly to 45%.
More new arrangements
The regulatory tension that has always been a major factor threatening the performance of the currency has not faded, but over the past two years it has not diminished because of it, but the recent regulatory stances by China and the United States have been harsh and more visible, as the United States was on the verge of passing a trillion dollar infrastructure bill with Amendments that may help the cryptocurrency industry that is under threat not to be considered, but failed to pass.
The US digital currency community has spoken out against these proposed regulations, which would see both those with the ability to report crypto transactions to the IRS for taxation, while in consonance, for supporting crypto growth and the entire scenario does not prevent the majority of retail investors from investing in Bitcoin. .
The jump in bitcoin prices is also supported by the approval of a new Brazilian exchange-traded fund (ETF) from Hashdex Asset Management called BITH11. Such events help keep the market from crashing, and thus help boost investor confidence.
Growing interest in digital currencies
Interest in the cryptocurrency market as a whole has continued to grow over the past years, despite the long downtrend that Bitcoin experienced after the end of the 2017/2018 bull market. Digital asset returns are also on the adoption front, outperforming gold and other assets in the financial market.
A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.
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