Bitcoin Holds Ground Despite Headwinds
Bitcoin has ended July on firmer footing than expected, despite facing several headwinds in the past few weeks.
The largest cryptocurrency slipped below $63,000 on Friday, down about 3% on the day, but still managed to finish the month up roughly 7.5%, a respectable showing given the market conditions.
According to Bitfinex analysts, Bitcoin's resilience can be attributed to its positioning, as it entered the Fed meeting with less leverage than equities after derivatives traders were largely flushed out during the selloff late June that brought BTC below $58,000 on July 1.
The average daily liquidations have remained well below this year's typical range of $400 million-$500 million, suggesting there has been little forced selling despite the macro shock, analysts noted.