(7/8, Thu) btc failed to break $35k once again closing -1.1% down

Yesterday(7/7 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $34213, its lowest as $33755, its highest as $35080, its closing as $33835. Bitcoin fell below $34,000 in 30 minutes after starting Wednesday, then rebounded, peaking over $35,000 at 12:30, then falling again, reaching a low at 23:45 and closing a final -1.1% decline.

Following the previous day, btc once again surpassed the monthly starting price of $35037, and then immediately declined, showing that it is hard to turn into an uptrend on July. Ethereum is fortunate to move above the monthly starting price of $2279, and following the DeFi token the day before yesterday, NFT-related tokens showed strength and it is not bad to show a circular market.

In the financial market, similar to the day before, the dollar, bonds, and stocks all rose and commodities fell, giving the impression that funds are being poured into safe assets. Cryptocurrencies, which are on the opposite of the dollar, are naturally weak against the strength of the dollar, and it remains to be seen how long this trend will continue. In particular, the dollar index closed at 92.64, a nearly three-month high, and a strong dollar is not welcome from the US standpoint, so it is expected that it will fall soon.

As noteworthy news in the cryptocurrency market, it is said that an Argentine lawmaker will propose the bill for businesses to pay employees in crypto. This is proposed as a measure to preserve the purchasing power which declines in the face of extreme inflation of the Argentinean currency of 50% per year.

This situation is common to many developing countries. When the US dollar enters the country, it increases the value of assets in the country, and when US dollar leaves the country, the depreciation of the local currency inevitably follows, which leads to suffering for the people. It has been repeated in many countries so far, so if cryptocurrencies, including Bitcoin, can be used in many countries as a measure to prevent the devaluation of their local currencies, this is expected to be a better use case than any other usability.