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Bitcoin Surges Marginally By 0.12% Today, But Why Investors Should Not Be Much Excited?

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Bitcoin has gained marginally today, compared to yesterday's quotations. Other crypto coins are also showing the same trend today. On July 2, till 6.10 pm UTC, Bitcoin was quoted at US$ 19,269.80 gaining by 0.12%. Yesterday, the asset closed at US$ 19,247.30.

 
Bitcoin Surges By 0.12%, But Why Investors Should Not Be Much Excited?

Significantly, reflecting the same trend, Ether was quoted at US$ 1,063.49, gaining by 0.56%. Yesterday, the asset closed at US$ 1,057.57. Litecoin was quoted at US$ 50.42, gaining sharply by 1.39%, Dogecoin was quoted at US$ 0.0668 gaining by 0.78%, and Cardano was quoted at US$ 0.4538 gaining sharply by 1.37%.

However, today's gain should not make the investors excited so soon. Cryptocurrencies are going through a tough time now. These are very volatile assets, and June has experienced a sharp drop in the market. According to a CoinDesk report, "Bitcoin slid almost 38% in June to record its second-biggest monthly loss since its debut in 2009. It traded over $31,000 on June 1 and dropped to as low as $17,700 mid-month, before recovering and ending the month at $19,209, according to CoinGecko data. The monthly decline is second only to bitcoin's plunge of 38.6% in August 2011, and pushed prices below 2017's highs. June's losses came amid declining macroeconomic sentiment, fears of inflation and systemic risks from within the crypto ecosystem, such as the possible insolvency of crypto lender Celsius Network and the blow-up of crypto hedge fund Three Arrows Capital."

Additionally, this week, the crypto coins, including Bitcoin have fallen sharply due to the liquidation of Three Arrows Capital and unending lay-offs. However, some analysts are now expecting "better price-performance" in July. So, investors should be cautious.

Read more about: bitcoin price cryptocurrency crypto
Story first published: Saturday, July 2, 2022, 23:55 [IST]
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