On Aug 1, Bitcoin dropped as much as 2.4% to US$23,247 ($32,000) after reaching $24,658 on July 30–its highest level since June 13.
The largest cryptocurrency’s 27% gain in July made for the best month since October.
Image: Bloomberg
Bitcoin fell below $20,000 during late June and July amid concern about rate hikes and inflation, as well as troubles internal to cryptocurrencies, like the implosion of the Terra Luna eco system and hedge fund Three Arrows Capital, explains a Bloomberg report.
This is still considerably well off the record high around $69,000 from November 2021, though it has begun showing some strength in the face of challenging economic indicators and tighter monetary policy, according to Bloomberg.
See also: Who is Justin Sun, the China-born crypto founder who made a US$6.2 mil bid for a banana?
Meanwhile, Ethereum also slid after posting a 70% jump last month, its best since January 2021.
As at 2.26pm, Bitcoin and Ethereum are trading at US$23,288 and US$1,685.
Traders have been observed to return to the digital asset market with a “renewed [sense of] confidence” in crypto assets, according to a report by the Financial Times.
See also: UBS South-APAC CIO would hold ‘at least 10%’ of personal assets in crypto if allowed
Data from crypto asset management group CoinShares shows that investment products tracking crypto assets have pulled in just under US$400 million since the start of July, accumulating the longest run of sustained weekly net inflows since March.
Image: FT
According to CoinShares, inflows and improving token prices have boosted total assets under management in crypto investment products back to early June levels of US$30 billion.
Zipmex, a Southeast Asia-focused cryptocurrency exchange, has filed for bankruptcy protection in Singapore, in the wake of the global downturn in digital currencies.
According to a report by Reuters, Singapore-based Zipmex resumed withdrawals last week, a day after suspending them on July 20, as it works to address its exposure of US$53 million to crypto lenders Babel Finance and Celsius.
Thailand's Securities and Exchange Commission said on Monday it was working with law enforcement to look into potential losses among the public after Zipmex temporarily suspended withdrawals late-July. Zipmex previously said it is considering an offer from an interested party after halting withdrawals following financial difficulties of one of its “key business partners”.
Cover photo: Bloomberg
