Bitcoin and Ether are on track for their best month since 2021
Bitcoin and Ether, the world’s two largest digital tokens, are headed toward their best month since 2021 amid a revival of risk appetite in global markets and optimism about an Ethereum network upgrade, Bloomberg reports.
Bitcoin is up 28% in July and Ether 70%, though their rallies paused Friday. Both were little changed, with Bitcoin at about $23,950 as of 5 pm in New York and Ether hovering around $1,730.
Growing signs of a US economic slowdown are leading some investors to the view that the Federal Reserve will be done raising rates by year-end and might even pivot to cutting borrowing costs in 2023. That in turn would create a more favorable backdrop for speculative assets such as crypto, which has taken a drubbing this year.
“The week has continued a very welcome up trend,” Adrian Kenny, senior sales trader at GlobalBlock, wrote in a note. “The crypto, and wider markets in general, have seen somewhat of a relief rally in the last few days.”
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