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Bitcoin Records Its Best Month in 2022…Is the Crypto Winter Over?

Bitcoin Records Its Best Month in 2022…Is the Crypto Winter Over?

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Answer Bitcoin Records Its Best Month in 2022…Is the Crypto Winter Over?

Bitcoin, the world’s largest cryptocurrency, managed to record its best month of the year 2022, adding nearly 27% of value in July.

The strong recovery came after the major cryptocurrency posted its worst quarter in more than a decade.

It should be noted that Bitcoin is still closely aligned with the US stock market, the latter also recording its best month since 2020.

Over the past month, cryptocurrency prices have been in line with stock market indices.

Last week, the major cryptocurrency rose remarkably after the US Federal Reserve decided to go ahead with a widely expected 75 basis point increase despite some analysts predicting a massive 100 basis point rise.

Read:“Brave” browser under fire after violating users’ trust

Is the cryptocurrency winter over?

Edward Moya, an analyst at market research firm Oanda, believes that the crypto winter is already over, which will allow more capital to enter the space.

Binance CEO Changpeng Zhao recently told that the rising dominance of stablecoins is an upward development because it means that a lot of liquidity has been on the sidelines.

Now that some selling pressure has abated, cryptocurrency investors are ready to put in more capital.

But it is too early to predict the onset of another cryptocurrency spring.

Even after the wonderful month of July, Bitcoin is down 66% from its high of $69,044, which means it is still deep in bear market territory.

The “Fear and Greed” indicator, which is used to gauge market sentiment based on a variety of factors, continues to indicate feelings of fear despite Bitcoin’s recovery from recent lows.

Read:A bank that provides crypto services succeeds in raising $500 million investments!

Read also:

Why did the digital currency MATIC rise in the second quarter of 2022?

After inflation hit a record high in 40 years…what will be the role of bitcoin?


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