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After months of freefall, it jumped more than 17% in July, its best performance since October. Ether rose 57%, its strongest monthly gain since January 2021.
The rally was in step with gains of riskier assets such as stocks as investors bet that economic weakness could deter the Fed from aggressively tightening monetary policy.
Bitcoin's 40-day correlation to the tech-focused Nasdaq now stands at 0.90 — up from 0.41 in January — where 1 means their prices move in perfect lockstep.
The leading cryptocurrency has been consistently positively correlated with the Nasdaq since late November, unlike in previous years where it would routinely turn negative, meaning they moved in opposite directions.
Itai Avneri, deputy CEO at cryptocurrency trading platform INX, described July's convergence as "good news".
"It means institutional investors are looking at bitcoin like any other asset," he said. "When the market turns — and it will turn — these institutions will come back and invest in crypto."
Gains were not limited to bitcoin, as the value of the global cryptocurrency market crept back above $1.15 trillion last month, adding over $255 billion since the end of June, CoinGecko data showed.
Assets under management in digital asset investment products rose 16.9% to $25.9 billion in July, reversing June's decline of 36.8%, according to research firm CryptoCompare.
Speaking at an event marking the end of Bitcoin Week, President Nayib Bukele said that the country plans to build the world's first "Bitcoin City," which will initially be funded through Bitcoin bonds, increasing the country's bet on the cryptocurrency.
The SBP said the accounts have been opened by overseas Pakistanis from over 100 countries, indicating the increasing reach of the RDA and helping the government and the central bank improve the external account of the country.
Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalisation cross $1 trillion a day earlier.
Bitcoin recently exceeded the $23,000 mark – an all-time high – which has set the global investment community buzzing. Ethereum, the world’s second largest cryptocurrency by market capitalization, also went past $660, indicating
Dubai Financial Market (DFM) on Thursday welcomed the listing of shares of Salik Company, the leading company in the field of traffic tariff systems
Dubai will transform into the ultimate digital epicentre of the world next month, as the UAE hosts the world’s largest tech show, converging the most advanced companies
Porsche AG shares made a strong start on Thursday after Volkswagen defied volatile markets to list the sports car brand at a valuation of 75 billion euros ($72 billion) in Germany’s second-biggest market debut.