Bitcoin (BTC) has consistently shown a bearish trend in June, but there is hope for a positive turnaround in July. Let's delve into the details of Bitcoin's price movements, historical trends, and recent market updates.
Bitcoin's June Struggles
June has been a challenging month for Bitcoin, with the cryptocurrency facing multiple failed attempts at recovery. Currently, Bitcoin's price has demonstrated two distinct performances within the past 24 hours, ranging from a low of $60,630.05 to a high of $61,605.23, marking a 1.23% growth.
Historical Trends
Bitcoin's price history reveals intriguing patterns. Insights from Cryptorank indicate that June will be the second month this year where Bitcoin closes with a negative return
January: Closed with a 0.87% gain.
February: Achieved a significant 44% increase.
March: Saw a 16.3% rise, peaking at an all-time high (ATH) of $73,750.07, driven by the launch of a spot Bitcoin ETF.
April: The bullish trend reversed, closing with a 14.7% loss.
July: A Month of Recovery?
Historically, Bitcoin tends to bounce back strongly in July following a negative June. The average return for July is 7.98%, with a median return of 9.60%. This historical pattern brings optimism for Bitcoin's performance in the upcoming month.
Altcoins: Riding Bitcoin's Momentum
As Bitcoin gains momentum in July, altcoins are also expected to see positive returns. The crypto market is poised for potential growth, with several noteworthy updates contributing to this optimism.
Key Crypto Market Updates of Last Week
VanEck and Solana ETF
VanEck has applied for the first Solana ETF in the U.S., highlighting the benefits of blockchain technology.
Ethereum Spot ETF
The SEC is nearing approval for the launch of an Ethereum spot ETF, expected by July 4th.
Former President Trump's Potential Appearance
Former President Trump is considering speaking at the Bitcoin 2024 conference in Nashville.
Biden's Reappointment of Carole House
President Biden has reappointed Carole House as a special advisor on cryptocurrency to the National Security Council (NSC).
Japanese Institutional Investments
According to Nomura, 54% of Japanese institutional investors plan to invest in cryptocurrency by 2027.
Bolivia's Crypto Ban Lifted
Bolivia has lifted its ban on Bitcoin and cryptocurrencies, although they are not yet legal tender.
Turkish Crypto Regulations
The Turkish Parliament has passed a law requiring authorization for crypto service providers.
Binance Fraud Prevention
Binance has banned 297 accounts involved in the Megadrop fraud attempt.
Bybit's Management Reshuffle
Bybit is undergoing a senior management reshuffle amid operational adjustments.
Mt. Gox Repayments
Mt. Gox will start repaying creditors in Bitcoin (BTC) and Bitcoin Cash (BCH) from early July 2024.
US Court Rulings on Binance
A US court has allowed the SEC to proceed with most claims against Binance, rejecting allegations of BNB trading illegality.
While June has been a tough month for Bitcoin, historical trends and recent market updates provide hope for a strong recovery in July. Investors and enthusiasts are keeping a close watch on Bitcoin's performance and the broader cryptocurrency market.
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