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Bitcoin Ends July at Highest Monthly Close Since 2017 Peak
Bitcoin closed July at $11,351, according to Messari.
By Zack Voell
Updated Mar 6, 2023, 3:12 p.m. Published Aug 1, 2020, 12:01 a.m. 1 min read
Bitcoin closed the month of July at $11,351, its highest monthly close since the bellwether cryptocurrency’s all-time high nearly two-and-a-half years ago.
- Prior to this month, bitcoin had closed below $11,000 every month since nearly reaching $20,000 in December 2017.
- Bitcoin futures on CME closed July at $11,620.
- Bitcoin gained 24% in July, according to Messari, a relief to bullish traders after a 3% loss in June.
- Bitcoin’s investor base is “highly favorable” for a continued move up, said Yan Liberman, former associate at Deutsche Bank and co-founder of Delphi Digital.
- “The supply on exchanges is close to 12-month lows,” said Liberman, who said 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, he added.
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Ether drops below $2,000 amid heavy selling pressure, yet futures open interest hits a record high. This divergences suggests aggressive shorting.
What to know:
- Ether has fallen below $2,000 for the first time since March amid rising risk aversion, with losses of nearly 8% over the past week.
- Open interest in ether futures has hit a record high even as prices drop, a combination that suggests aggressive leveraged selling and a bearish market tilt.
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