- Bitcoin, the worlds premiere cryptocurrency, drooped in price by 4% in July
- The coin has never lost more than 10% in July throughout its history
Bitcoin price dropped by 4% in July, a market move that upholds its history of not dipping by over 10% in the month. The market movement came when major regulatory uncertainties and lawsuits rocked the crypto market.
Bitcoin price slid down by 4% in July
Blockchain data shows that the Bitcoin price slid down by only 4% in July despite a series of FUD events. In that period, The US SEC charged HEX founder and Alex Mashinsky of Celsius; Curve Finance was in trouble. Additionally, US SEC had a court battle with Ripple, Coinbase, and Binance, among other market-dooming events.
Though Ripple partially won against the US SEC, a judge in the US SEC case against Terraform Labs ruled that the ruling in the Ripple case would be applicable as it is not yet beyond doubt that public sale and secondary sale of crypto assets should not fall under the same regulations.
This move came as an undercutting to the Ripple win that the Public sale of XRP does not fall under securities laws through secondary sales, creating a bearish sentiment since the US SEC is set to appeal the ruling as time passes.
The drop was, however, not very significant to the year;y performance as the coin has only dropped in price two more months, with May recording a slump by 7.1% and February having a 0.01% drop, and at the same time, all other months apart from April had gains of over 10%.
This price movement is expected to reverse through 2025 as the completion of Bitcoin 4 year historical halving cycle culminates. Keep watching Fintech Express for more updates on this and other fintech-related developments.