The Rise of Bitcoin
Bitcoin closed on Friday, and the month of July, at $11,351, its highest monthly close since the all-time high nearly two-and-a-half years ago.
Prior to July, Bitcoin had closed below $11,000 every month since nearly reaching $20,000 way back in December 2017. This peak on Friday was a month high and 2-year high and something that looked to keep climbing. Bitcoin gained 24% in July after a 3% loss in June which led many people to see this trend continuing into August.
Yan Liberman, former associate at Deutsche Bank and co-founder of Delphidigital says, “The supply on exchanges is close to 12-month lows,” this signals a strong commitment to hold bitcoins for the long term. The percent of bitcoin’s supply that has not moved in the past year is at all-time highs of around 20%.
A Brief Fall of Bitcoin
However, on Sunday (2 August), Bitcoin suffered a price drop of $1,458 in under an hour. The sudden slide caught many traders off guard, forcing out a significant amount of buying pressure from the market. The biggest gap in Bitcoin fell from $11,969 to $10,659 in 10 minutes, having reached a brief high of $12,118 before the downturn.
Things are already starting to look good for Bitcoin just 24 hours after the slump. At this moment in time, the cryptocurrency was trading near $11,174, slowly regaining and keeping its steady +$11,000 monthly value. Bitcoin casinos are seeing more traffic as the dollar value of btc promotions keeps rising!