Bitcoin Dips 2.8% To 2,752,932.60 Shillings After A High Since June

By Lynnet Okumu / Published August 1, 2022 | 3:52 pm



Bitcoin

KEY TAKEAWAYS


Its 27 percent gain in July made it the best month since October. Ether slid as well after posting a 70 percent jump last month, its best since January 2021.

Bitcoin declined after reaching the highest levels since mid-June amid optimism that the market may have recovered from its worst levels.


Bitcoin, the largest cryptocurrency, dropped as much as 2.8 percent to 2,752,932.60 shillings on Monday 1st August 2022 after hitting 2,934,795.16 shillings on Saturday, its highest since June 13.

Its 27 percent gain in July made it the best month since October. Ether slid as well after posting a 70 percent jump last month, its best since January 2021.

Bitcoin declined after reaching the highest levels since mid-June amid optimism that the market may have recovered from its worst levels.

According to Antoni Trenchev, co-founder and managing partner at crypto lender Nexo., August promises to be every bit as stomach-churning for Bitcoin with further bouts of volatility guaranteed.

During late June and July, bitcoin had fallen below 2,380,400 shillings amid concern about rate hikes and inflation, as well as troubles internal to cryptocurrencies, like the implosion of the Terra/Luna ecosystem and hedge fund Three Arrows Capital.

The Chief investment officer at crypto hedge fund Tyr Capital, Ed Hindi projects that 2,904,088 shillings

and 208,285 shillings are the next strong technical points for Bitcoin and Ether to break through, respectively.

“It was a quiet weekend with extremely illiquid market conditions. What happened is that the market tried to go through these and could not because liquidity was not there. But weekend activity is not really relevant because it tends to be reversed on Monday when the bulk of volumes come back into the market.”  Said Hindi.

Meanwhile, dogecoin price today was trading marginally higher at 8.33 shillings whereas Shiba Inu also surged over 3 percent to 14.28 shillings.

Other crypto prices’ today performance was mixed as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Avalanche, Tether, Polygon, and Uniswap prices were trading with cuts over the last 24 hours, whereas Polkadot, Apecoin, and Tron gained.

Several crypto companies have filed for bankruptcy or have been forced to look for emergency capital infusions. Rising interest rates and high-profile meltdowns like that of crypto hedge fund Three Arrows Capital have pummeled digital tokens this year.

Cryptocurrencies, such as bitcoin, surged in price in 2020 and 2021, but have fallen sharply in the year 2022.

Authorities around the world are also taking steps to regulate the crypto asset sector.

Related Content: Want to Invest in Bitcoin? Here are Things You Need to Know






More Articles From This Author








Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2022
  • January 2022 (293)
  • February 2022 (329)
  • March 2022 (360)
  • April 2022 (294)
  • May 2022 (271)
  • June 2022 (232)
  • July 2022 (278)
  • August 2022 (67)
  • 2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (259)
  • May 2021 (285)
  • June 2021 (273)
  • July 2021 (277)
  • August 2021 (232)
  • September 2021 (271)
  • October 2021 (305)
  • November 2021 (364)
  • December 2021 (249)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (333)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (251)
  • February 2019 (215)
  • March 2019 (283)
  • April 2019 (254)
  • May 2019 (269)
  • June 2019 (249)
  • July 2019 (335)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (318)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (275)
  • April 2018 (223)
  • May 2018 (235)
  • June 2018 (176)
  • July 2018 (256)
  • August 2018 (247)
  • September 2018 (255)
  • October 2018 (282)
  • November 2018 (282)
  • December 2018 (184)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (189)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (164)
  • February 2016 (165)
  • March 2016 (189)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (247)
  • September 2016 (233)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (164)
  • April 2015 (107)
  • May 2015 (116)
  • June 2015 (119)
  • July 2015 (145)
  • August 2015 (157)
  • September 2015 (186)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (205)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950