Bitcoin on track to end July with a loss of nearly 4%, still boasts a 76% appreciation in 2023

As July comes to an end, Bitcoin is set to mark the month with an approximate 4% drop, marking it as the second month in the red following a near 7% retreat in May.

However, Bitcoin, the largest of all cryptocurrencies, still boasts a 76% appreciation in 2023.

A similar pattern has been witnessed in Ethereum’s native currency, Ether, projected to end the month down by around 3.7%.

This will be the first month in negative for the second-largest digital currency in circulation.

The Federal Reserve’s monetary policy adjustment undermined July’s risk markets, which included another interest rate increase and did not rule out more hikes.

In the cryptocurrency space, July kicked off with optimism over the US SEC’s approval of a Bitcoin ETF and Ripple’s partial legal victory against the SEC over the XRP token.

Ripple’s win concerned only placements aimed at institutional investors, excluding retail.

Analysts suggest that Bitcoin investors are still processing the events of the week, specifically the remarks of Federal Reserve Chair Jerome Powell on monetary and economic policy changes.

Despite many cryptocurrencies continuing sideways movement with low trading volumes and minor price variation, data shows a slight but still positive accumulation of 2,500 Bitcoins by long-term investors.

As of the morning hours in Brasília, Bitcoin was down by 0.7% over the last 24 hours, valued at $29,258, while Ether declined by 0.3% to $1,870.

A report from Mercurius Crypto indicated a cautious outlook for significant interest rate increases in the US unless there are drastic economic changes.

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.