The dollar is green with envy: the price of bitcoin rose by 23% in July, Ether jumped 49%

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The digital currency market strengthened significantly in July, with tens of percent increases in market-leading currency prices, such as Bitcoin and Ether, while the US dollar suffered one of its worst months in the past decade.

According to the Reuters news agency, the dollar index, which represents the performance of the US currency against six other major sovereign currencies, fell 4.1% last month – the biggest monthly decline of the dollar since September 2010. Against the euro, the dollar fell in July Of about 4.6%, while against the Japanese yen it fell by more than 3%.

Most of the depreciation of the dollar was recorded in the last 10 days of July, while there was an increase in the number of Corona virus carriers across the US, and against the backdrop of data indicating a slowdown in the US economy’s recovery from the Corona crisis. US crude fell in the second quarter of 2020 by about 33% in annual terms – the sharpest quarterly fall recorded in US GDP in the last 70 years. U.S. 10-year government bond yields have fallen to the third-lowest level since the beginning of the year.

Meanwhile, digital currencies continued to strengthen. In July, the price of bitcoin rose by about 24%, mainly thanks to a rally it recorded in the last week of the month. The price of ether, the currency of the blockchain platform Etherium, jumped more than 49% in July.

According to the Messari website, which tracks market data, the price of Bitcoin closed at the end of July at a level of $ 11,351 – the highest monthly closing price of Bitcoin since December 2017 – the month in which the currency recorded an all-time high. By July 2020, the price of Bitcoin had closed at a level below $ 11,000 each month, since setting a record high of more than $ 20,000 on December 17, 2017.

Bitcoin futures on the CME Chicago Stock Exchange closed at $ 11,620 on the last trading day of July.

The Etherium Platform celebrated its 5th birthday

With the opening of the current week, on the second day of August, there were sharp fluctuations in the price of Bitcoin: Shortly after 7:00 (Israel time) this morning, the Bitcoin exchange rate (BTC) crossed the $ 12,000 mark for the first time this year, approaching a 12-month high. However, in just half an hour, the currency’s dollar exchange rate fell by 7% to about $ 11,185, according to data from the CoinMarketCap website. At 15:00 this afternoon, Bitcoin is trading at a price of about $ 11,070.

Even at the price of Ether, the second cryptocurrency in its market value after Bitcoin, strong fluctuations were recorded today. The price of ether (ETH) crossed the $ 400 mark in the morning and reached $ 411 – the highest price in the last two years. However, Etherium’s currency managed to hold this level for only a short time, and in less than an hour fell to a level of about $ 370. At 3 p.m. this afternoon, Heather traded at a price of about $ 360.

Last Thursday, July 30, marked exactly five years since the launch of Etherium, which was founded by a group of founders led by Whitlick Butrin. For the past two years, Ethereum developers have been working on developing an upgraded platform, Ethereum 2.0, which Butrin says is expected to be launched by the end of the year.

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