The outgone month of July is being regarded as the best month in the cryptocurrency markets, since the inception of the 2022 market year. 2022 can be regarded as one of the worst market year in the cryptocurrency space/industry.
Over 25% Rebound in BTC Price, Crypto Winter Over?
During the outgone month, Bitcoin made a rebound from the loss in the first half of the year. This 27% rebound is being regarded as a big break considering the movement and price action of the coin for the past months. BTC is currently making alignment with the United States equities, a great move since 2020.
Bitcoin market price crashed by over 50%from the $69k highs it made in November 2021. The cryptocurrency market kept crashing with little or no rebound momentum. Second largest digital currency, Ethereum, also crashed by over 60%, this crypto winter caused mane crypto currency companies and firm to crumble.
With the current rebound in the market, there are predictions that the winter period in the cryptocurrency market may be over. According to a Oanda analyst, Edward Moya, the winter period in the market may have thawed to allow bull run in the market. Edward stated that in the next few months the markets may be high again, then investors can put in more capital.
Changpeng Zhao, popular exchange platform CEO, Binance stated that the dominance of stable coins in the market, may be a sign of uptrend in the market. Fear and uncertainty are still in the market with the high selling pressure.
Although, winter may still be in the markets, as BTC is still down over 60% from its all-time highs in 2021. Predictions for August seems tacky and hard, however the markets may tuen bullish, from the momentum it gathered in July.
Crypto Bearish Market Situation So Far In 2022
Cryptocurrency markets soared in late 2021, causing BTC and Altcoins to bull, creating an all-time high. The volatile digital currency, BTC reached $69k in November 2021, causing the whole crypto market capitalization to blaze up. Ethereum also reached $4,850 in November 2021 breaking its all-time highs it created in October 2021.
Moving into the new market season, expectations were high for the cryptocurrency markets, judging from the past year market. Crypto experts predicted that before the quarter half of the year Bitcoin market price would hit $100,000. ETH was also predicted to hit over $6,000 with the buying pressure on the network in late 2021.
However, the market took a new turn in 2022. The market trend set out on a new/ different movement against predictions made by indicators, experts and analysts. The first half of the year (January – June) was a very bad and bear market for cryptocurrency traders, holders, investors, and whales.
The rate of interest in the crypto/BTC market has increased in July in different countries and regions. The number of country lawmakers, SEC, and other agencies rolling out regulatory framework and policy structure for cryptocurrency space increased. This policy structures made it hard for some companies to operate.
Several cryptocurrency firms, companies, exchange platforms declared bankrupt and some even suspended withdrawal of funds. However, despite the market winter, big companies kept acquiring and merging with the crumbling companies.