Bitcoin is up 26% in July and Ether 65%, though their rallies paused Friday. Bitcoin was down 2% to trade at $23,538 as of 9:34 a.m. in New York and Ether was hovering around $1,672.
“Signs the Fed may be nearing the end of their hiking cycle have lifted all risk assets, and crypto has also benefited,” said Cici Lu, chief executive officer at consulting firm Venn Link Partners. “Liquidation of leveraged positions seems to be over,” she added, and “markets may have found the bottom.”
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