DATA & FIGURES
Bitcoin has closed 9 of its 13 Julys green since 2013, with a median gain of 8.2%. The bear market years are most striking, with July 2018 seeing a pop of 21% and July 2022 coming with a gain of 17%. Strategy authorized a $1.2 billion 'Bitcoin monetization program' to ease the market's concerns about the ongoing viability of the digital asset treasury company
THE SCENARIO
The current geopolitical and economic context is marked by uncertainty, with the new Federal Reserve chair Kevin Warsh's potential rate hike and Strategy's Bitcoin monetization program adding to the woes of a difficult crypto bear market. The cryptocurrency market is highly volatile, and investors are looking to historical data to inform their decisions
DIRECT QUOTE
"Don't lose hope in Bitcoin's long term, as its fundamentals are as intact as ever. But, don't get your hopes up about the next few months; if you're accumulating the coin, keep doing what you're doing" — Alex Carchidi, The Motley Fool
BBN INSIGHT
The Positive Side: Historical data suggests that July has typically been a strong month for Bitcoin, which could bring some relief to investors. The Negative Side: Factors such as Strategy's Bitcoin monetization program and the new Federal Reserve chair Kevin Warsh's potential rate hike may blunt this year's seasonal pattern, leading to continued volatility in the cryptocurrency market. For everyday people, this means that investing in Bitcoin remains a high-risk, high-reward proposition, and it's essential to approach it with caution and a long-term perspective
MARKET REACTION
The price of Bitcoin has responded to the recent crash by struggling to stay above $60,000, with a 1.04% gain in the last 24 hours. Other cryptocurrencies such as XRP-USD and ETH-USD have also seen gains of 3.49% and 1.66% respectively