Bitcoin Outlines Reaction After Close June with -15%; Cryptomanes Accompany

[SOUZA]

The week started well. At 10 am, bitcoin rose $ 300 and approached $ 6,700, the highest value in the last ten days. Soon after, Brazil played for the world cup and qualified for the quarterfinals.

In Brazil, according to the IPB, the price of Bitcoin rose 5.46% on Monday (02), being traded at R $ 26,173. Less than a week ago, the BTC was trading below R $ 23,000.

The recovery comes after a troubled month in June, which closed negative by 15% reaching the lowest dollar price in 2018. The price in Brazil did not reach the lowest level due to the high dollar, which is already above R $ 3.90. With this, the lowest price of the year remains in February, when it reached R $ 20,200.


Bitcoin Price Index (IPB) 2018 Chart
With this bullish move, bitcoin is $ 1,000 above the annual low and leaves the market optimistic. Ryan Rabaglia, a partner at Octagon Strategy, a major investment fund, said that despite the major corrections, the crypto-currency market has always managed to break out of the bottom cycle with one-hundred percent gains and large rallies.


He said the market will see its previous numbers by the end of 2018 and the funds are still optimistic about the industry's medium-term growth.

"Year after year, the crypto derivative market has grown well over one hundred percent, markets are still growing and still a nascent industry. The sector's regulatory stance is a double-edged sword. The uncertainty that is driven around this regulation is what puts pressure on this market and takes this market further down, "Rabaglia said, emphasizing that establishing regulations will lead the market to grow in the long run.

Market value back to more than US $ 270 billion
After a few weeks, the market is all positive again. Virtually all crypto-coins operate in the green in the last 24 hours and in the last seven days. The most noteworthy are Cardano and NEM, with 18% and 21% respectively.