Commodity Watch

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

BY Lynnet Okumu · August 1, 2022 03:08 pm

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 1^st 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.