• Sun. Aug 14th, 2022

Cryptocurrencies see continued growth: Bitcoin up 39.7% from year-to-date low in June

ByHazel R. Lang

Jul 30, 2022

On Saturday, bitcoin climbed $798.93 or 3.36% to $24,584.24, surpassing its previous close. The world’s largest and best-known cryptocurrency, Bitcoin, is up 39.7% from its low of $18,592.7 in June 18. Ether, the cryptocurrency connected to the Ethereum blockchain, rose $10.46 or 0.61% on Saturday to hit $1,734.08.

Tesla, an electric vehicle maker, revealed in its second-quarter U.S. filing on Monday that it had $222 million in digital assets as of the end of June. Securities and Exchange Commission. The company purchased $1.5 billion worth of Bitcoin in February 2021. The company liquidated 75% of its bitcoin holdings, worth around $936 million, last week, according to reports. CEO Elon Musk claimed the sale was prompted by uncertainties over the timing of the relaxation of China’s Covid ban. In Shanghai, Tesla currently has a factory.

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Just seven months after the virtual currency hit an all-time high, Bitcoin plunged to an 18-month low of around $23,000 in June in a widespread cryptocurrency crash as investors dumped riskier assets in the face of to a severe global market sell-off. News that cryptocurrency lending platform Celsius Network has halted withdrawals due to unstable market conditions also had a significant negative impact on the world’s most widely used crypto asset. When data revealed that US inflation had hit a new four-decade high, global stock markets crashed. This fueled fears of a global recession and caused investors to shun risky cryptocurrencies like bitcoin and ether in favor of more established and safer assets like the dollar.

(with contributions from agencies)

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