Summer brought a mix of good and bad news for the cryptocurrencies, starting with the still-dominant Bitcoin. After China’s ban on cryptocurrency mining in May, the markets saw a drastic correction that was accompanied by other news. Elon Musk backtracked on his announcement that Tesla would accept bitcoin payments and governments began to play with the idea of regulations that are still pending. The combination of these and other developments affected market sentiment and soon bulls turned to bears, at least in the short term.
Headlines about the downfall of Bitcoin were greatly exaggerated, however. The pioneering digital asset still maintained price levels ranging between $30,000 and $40,000 USD per coin throughout the months of June and July. It reached a floor of $29,864 on July 20th. Then, in August, bullish sentiments on Bitcoin returned as it climbed steadily towards the $50,000 by the end of the season.
While still not back to the all-time high of $64,804 it reached in April, Bitcoin, and consequently the cryptocurrency market as a whole, remains strong. It is still a fact that most investors are “in the green” despite recent volatility. Likewise, the industry has continued to consolidate as more and more institutional investors are becoming involved in sectors such as DeFi. Retail investors have also flocked to other assets such as NFTs that ultimately benefit the market as a whole.
At Wisebitcoin, we’ve continued to support these investors and professional traders who seek to take advantage of the market’s currently favorable conditions. We aim to provide them with all the tools they need to access all these opportunities. All through a fully-featured trading platform with an excellent user experience and around-the-clock customer service.