Bitcoin’s July Gains Extend

Bitcoin’s July Gains Extend To 27%, Is Crypto Winter Ceasing?

In December 2021, the crypto winter had set in and seemed like a never-ending phenomenon. This was due to the fact that all cryptocurrencies tumbled hard during that time. The crypto giants, Bitcoin (BTC) and Ethereum (ETH), lost over 50% of their value during such downward trends. In addition, after the Russia-Ukraine war, the cryptocurrency market plunged heavily. The situation appeared to be in control as the digital currencies started rebounding towards mid-2022.

However, complete recovery might take several ‘green’ sessions or a massive surge in a short period of time. Bitcoin, the largest cryptocurrency, recently recorded its best month of 2022, July. The BTC token increased over 27% in the month and was locked at a price of over $23,000. The token earlier surged after the U.S. Federal Reserve announced that it aims to slow down the pace of interest hikes.

Bitcoin (BTC) 1M Graph (Source: CoinMarketCap)

As far as crypto winter is concerned, even Binance CEO Changpeng Zhao commented on the same saying he has a bullish outlook on the crypto market performance in the future. In addition, he also anticipated Bitcoin Adoption to increase as he remarked:

“The macroeconomic situation, there’s going to be high inflation, the talk about recession, etc. All of those things drive adoption into bitcoin… into crypto.”

However, a crypto spring is still far since the cryptocurrencies have not been able to recover the majority of their losses. At the time of writing, the Bitcoin price stood at $23,324.40, down by 1.80%. This price represents a huge 66% decline from its all-time high of $69,044. Moreover, the “fear and greed” index, which is used for understanding and mapping the market sentiments, is still indicating a fear of a downtrend even after the market has been rebounding after the ultimate lows. Therefore, this indicator still suggests that the crypto winter might extend and a crypto spring is yet to come.

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