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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.
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.
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- 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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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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