Cryptos falter; Bitcoin heads for a negative monthly close

The cryptocurrency market faces the last session of July, mixed. Bitcoin (BTC) rallies moderately in the last 24 hours and is close to $29,400, while Ethereum (ETH) drops about 0.5% and is below $1,870.

The truth is that the last month has been anything but positive for digital assets. Bitcoin is heading for a clearly negative monthly close, having dropped about 4% from the more than $34,000 with which it began the seventh month of the year. This has been a disappointing trajectory considering both the inertia with which July began and the historical performance of the reigning cryptocurrency in this month.

Numerous experts point out that the flow of good news around Bitcoin spot ETFs, especially BlackRock's, will need to be restored. The Larry Fink-led manager revolutionized the cryptocurrency market last June and breathed new life into Bitcoin with its proposal, which has been initially dismissed by the Securities and Exchange Commission (SEC).

BlackRock has developed a second proposal, as well as other institutional players such as Invesco, and is confident that the product will receive the regulator's approval, but cryptocurrency specialists believe that the process could take longer than the market thinks and will be delayed until the end of the year.

In this sense, a good handful of analysts anticipate an increase in the volatility of the main cryptos on the market until the end of the year. Thus, they point out from QCP Capital, there will be several opportunities for investors to buy some tokens at reduced prices before the possible favorable SEC ruling or a hypothetical Federal Reserve (Fed) interest rate cut before the end of the year can push these assets higher.

"The fact that Bitcoin and ETH have both maintained their price levels, should give bulls additional confidence," commented Joe DiPasquale, CEO of BitBull Capital.

The expert does not expect "an overnight surge in the market" and sees the 2024 halving as the next big boost to prices. "Until then, bulls will do well to accumulate when opportune and bears may want to practice vigilant risk management," he added.

In other market news, there have been widespread declines in most altcoins. Dogecoin (DOGE) falls 1.5%, as well as Solana, while Cardano (ADA) drops 0.7% and Tron (TRX) retreats nearly 4%.