Bitcoin, Ether, Other Cryptos Start August With Broad Losses (Cryptocurrency: BTC-USD)

from aeon

After a rally of almost 20% In July, Bitcoin (BTC-USD) begins August with a tumble as traders appear to be reducing their risk appetite as disappointing factory production data fuels concerns about slower economic growth.

Bitcoin (BTC-USD) slips 3.6% to $22.99K from around 15:40 ET while Ethereum (ETH USD) falls 5.3% to $1.62,000 trading Monday afternoon amid a broader low-risk day.

Cryptos ended the second quarter on a strong note, albeit after the busiest week of corporate earnings in Q2, slightly less dovish rhetoric at the Federal Reserve meeting, in addition to a slew of poor economic data, all week ended July 29th. Bitcoin (BTC-USD) climbed 9.1% at the time and Ether (ETH-USD) jumped 14.1%.

“What usually happens when you have a lot of uncertainty, as we saw last week where potentially negative data is released or a disruptive event occurs, there is a lack of buyers leading to that,” GlobalBlock analyst Marcus Sotiriou wrote in one Note.

As Bitcoin (BTC-USD) price is pushed lower intraday, Sotiriou claimed that Bitcoin’s chart is “looking significantly more bullish today” as it trades above the 200-week simple moving average for the first time in seven weeks has consolidated. “This is an indicator that many analysts keep a close eye on as it has been tested in previous bear markets but has always held as support,” he added.

Crypto-related stocks are mostly down, including Marathon Digital (MARA) -6.6%Core Scientific (CORZ) -2.6%MicroStrategy (MSTR) -4.1%Bit farms (BITF) -3.1% and Riot Blockchain (RIOT) -2.1%. Meanwhile, CleanSpark (CLSK) +9%Bit Digital (BTBT) +4% and HIVE blockchain (HIVE) +1.6% move against the grain.

Bitcoin (BTC-USD) Proxies: Grayscale Bitcoin Trust (OTC:GBTC) -4.5%Osprey Bitcoin Trust (OTCPK:OBTC) -2.5% and ProShares Bitcoin Strategy ETF (BITO) -4.2%.

Previously, the SEC charged 11 people with a $300 million crypto pyramid, a Ponzi scheme.

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