Home›Crypto›Market Structure›Bitcoin and ether end July lower as equities rally

Bitcoin and ether end July lower as equities rally

BTC fell 1.3% to about $63,870 and ether slipped 1.4% to about $1,890 on the last day of July while stocks in Asia and U.S. index futures gained.

Reported · Written up by our desk · Market Structure

CoinDesk reported that bitcoin closed out July on the back foot, down 1.3% to about $63,870 on the last day of the month. Ether also fell, dropping 1.4% to around $1,890 after failing to regain the $2,000 level it touched earlier this month.

The decline in major tokens diverged from broader risk assets, as equities rose. CoinDesk noted South Korea's Kospi jumped more than 15% and Nasdaq 100 index futures were up 1.23%, alongside strength in U.S. index futures.

CoinDesk said the crypto pullback came even as the CoinDesk 20 Index remained set for its best month in a year, with the benchmark gaining 8.7% since June. Still, the index was down 2.3% from Monday midnight, leaving the end of the month weaker for crypto than for stocks.

In other tokens, UNI rose 9.3% on continued Robinhood layer-2 momentum and ADA gained 4.1%. CoinDesk also attributed the week’s softer crypto sentiment to geopolitical strain in the Middle East and hawkish comments from the Federal Reserve.

CoinDesk pointed to a split between crypto and equities as July ended, with bitcoin and ether falling while stock markets pushed higher.

Latest closeBitcoin $84,310.25 ▼0.1%|Nasdaq Comp. 26,749.30 ▼0.7%|Kospi 7,080.92 ▲1.0%

More like this

Sources