BTC and ETH set to mark best monthly performance since 2021
Major cryptocurrencies Bitcoin and Ethereum are heading for their best month since 2021 amid renewed risk appetite in global markets and expectations surrounding Ethereum’s “merger” upgrade.
Per TradingView data, Bitcoin is up 22.68% so far in July, setting up for its highest monthly close since October 2021. The second largest cryptocurrency, Ethereum, was up 61.88% so far in July, setting up for its highest monthly close since October 2021 as well.
Some investors believe the Federal Reserve could stop raising rates by the end of the year and could even switch to lower borrowing costs in 2023 due to growing signs of a slowing economy. American. This could be good news for assets such as cryptocurrencies, which have struggled this year.
At the time of publication, Bitcoin and Ethereum were up nearly 3% at $24,191 and $1,712, respectively.
Analysts give indications of reversal
Cici Lu, CEO of Venn Link Partners, thought the market may have bottomed, saying “the liquidation of leveraged positions appears to be over,” Bloomberg reported.
In the same vein, Joe DiPasquale, CEO of BitBull Capital, is more interested in Bitcoin’s monthly close and whether it retests support levels between $19,000 and $20,000. “Successful bounces from that range could give bulls a solid foundation for a continued rally,” he states.
In the coming days, Ethereum could climb towards $1,915 to $2,000, predicts Mark Newton, Head of Technical Strategy at Fundstrat, who said that “Ethereum looks more technically attractive than Bitcoin in the short term.”
Honduras launches “Bitcoin Valley”
Honduras has launched “Bitcoin Valley” in the tourist destination of Santa Lucia, a small town in the mountains, 20 minutes from the capital Tegucigalpa.
The “Bitcoin Valley” project aims to train 60 companies in the use of cryptocurrencies to sell their goods and services, and to disseminate these techniques to other companies and surrounding communities.
In Santa Lucia, owners of both large and small businesses are adjusting to accept cryptocurrencies as payment to draw in more tourists.
