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- Analysts point to a reversal
- Honduras Launches “Bitcoin Valley”
Top cryptocurrencies Bitcoin and Ethereum are heading for their best month since 2021 amid renewed risk appetite in global markets and expectations surrounding Ethereum’s “merge” upgrade.
Bitcoin is up 22.68% so far in July, according to TradingView data, set for its highest monthly close since October 2021. The second-largest cryptocurrency, Ethereum, is up 61.88% so far in July and is set for its highest monthly close since October 2021 as well.
Some investors believe the Federal Reserve may pause interest rate hikes by year-end and even move to lowering borrowing costs in 2023 as signs of a slowdown in the US economy mount. This could be good news for assets like cryptocurrencies that have struggled this year.
At the time of publication, Bitcoin and Ethereum are up nearly 3% to $24,191 and $1,712, respectively.
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Analysts point to a reversal
Cici Lu, CEO of Venn Link Partners, suggested that the market may have bottomed, stating that “the liquidation of leveraged positions appears to be over,” Bloomberg reported.
Along the same lines, BitBull Capital CEO Joe DiPasquale is more interested in Bitcoin’s monthly close and whether it will retest the support levels between $19,000 and $20,000. “Successful bounces out of this range could provide the bulls with a solid foundation for another rally,” he says.
In the coming days, Ethereum could surge towards $1,915-$2,000, predicts Mark Newton, Head of Technical Strategy at Fundstrat, who stated that “Ethereum looked more technically attractive than Bitcoin in the short-term.”
Honduras Launches “Bitcoin Valley”
Honduras launches “Bitcoin Valley” 🇭🇳
Over 60 companies have adopted it #Bitcoin in the small town of Santa Lucia. They are trained in the new technology and how to market their products and services.https://t.co/O8nh543ehG
— Documentation of Bitcoin 📄 (@DocumentingBTC) July 29, 2022
Honduras has launched “Bitcoin Valley” in the tourist destination of Santa Lucia, a small town in the mountains 20 minutes from the capital Tegucigalpa.
The Bitcoin Valley project aims to train 60 businesses to use cryptocurrencies to sell their goods and services and to expand these techniques to other businesses and surrounding communities.
In Santa Lucia, both large and small businesses are adapting to accept cryptocurrencies as payment to attract more tourists.