At around 4 p.m. New York time, prices for bitcoin, ether, and gold are taken. Ether is measured by the CoinDesk Ether Price Index (ETX), Bitcoin by the CoinDesk Bitcoin Price Index (XBX), and gold is measured by the COMEX spot price.
By market capitalization, the biggest cryptocurrency was recently trading at around $23,350, a little decrease from the previous day. With the economy showing indications of slowing down sufficiently for the U.S. central bank to soon think about reducing interest rate hikes, bitcoin ended the week up for the second week in a row, jumping more than 13 percent from its low on Monday. At one point, it reached $24,500. For the month of July, bitcoin increased by over 23%, and ether increased by over 55% to trade for just under $1,700.
The Federal Reserve raised interest rates by a much-anticipated 75 basis points on Wednesday (0.75 percentage point). An unusually high fall of 0.9 percent in the gross domestic product (GDP) was published by the U.S. Commerce Department the next day.
The GDP numbers, some tech results, and the FOMC (Federal Open Market Committee) didn’t significantly undermine market confidence last week, according to Joe DiPasquale, CEO of cryptocurrency asset management BitBull Capital. BTC had been exhibiting favourable trends in terms of price stability and activity at bid prices under $20,000.
Increases in cryptocurrencies on Friday coincided with gains in key market indices, including the tech-heavy Nasdaq and S&P 500, which both increased by 1.8 percent and 1.4 percent, respectively. Both indexes increased in July, with the latter increasing by more than 9% for the month, the most since November 2020, as investors remained unfazed by poor profits and predictions of future slowing growth at several of the biggest brands in the world.
