paragraph

(Bloomberg) -- Bitcoin declined after reaching the highest levels since mid-June on Saturday amid optimism that the market may have recovered from its worst levels.

The largest cryptocurrency dropped as much as 2.8% to $23,130 on Monday after hitting $24,658 on Saturday, its highest since June 13. Its 27% gain in July made for the best month since October. Ether slid as well after posting a 70% jump last month, its best since January 2021.

“August promises to be every bit as stomach-churning for Bitcoin with further bouts of volatility guaranteed,” said Antoni Trenchev, co-founder and managing partner at crypto lender Nexo.&nbsp;

Yet he’s “leaning towards a re-run of July’s resilience over June’s capitulation” after “Bitcoin absorbed last week’s one-two macro punch” of the Federal Reserve rate hike and data showing the US economy contracted for a second consecutive quarter.&nbsp;

Bitcoin had fallen below $20,000 during late June and July amid concern about rate hikes and inflation, as well as troubles internal to cryptocurrencies, like the implosion of the Terra/Luna ecosystem and hedge fund Three Arrows Capital.&nbsp;

It’s still well off the record high around $69,000 from November, but has begun showing some strength in the face of challenging economic indicators and tighter monetary policy.&nbsp;

Ed Hindi, chief investment officer at crypto hedge fund Tyr Capital, said $24,400 and $1,750 were the next strong technical points for Bitcoin and Ether to break through respectively.

“It was a quiet weekend with extremely illiquid market conditions,” Hindi said in an interview. “What happened is that the market tried to go through these and couldn’t because liquidity wasn’t there. But weekend activity is not really relevant because it tends to be reversed on Monday when the bulk of volumes come back into the market.”

Bitcoin Slips After Best Month of 2022; Here's why

Bitcoin declined after reaching the highest levels since mid-June on Saturday amid optimism that the market may have recovered from its worst levels.

Nifty up 9% in July: Why is the market rising? Is the worst behind us? Here are some answers

Ideas for investing: Analysts recommend these 10 stocks to get decent returns in the short term

Recently listed eMudhra has rallied 35% in a week; Up 33% than its IPO price

FPIs turn net buyers for the first time since October 2021; Will this trend sustain in August?

Relaxo is down 32% from its 52-week high: Should you buy now? Here's what two brokerages have to say

M&M passenger vehicle sales up 33% in July at 28,053 units; stock jumps 7%

Bajaj Finance rises 15% in last week of July; Here's what's next for the financial major

GST collections rise 28% to ₹1.49 lakh crore in July; second highest since launch

ETFs accounted for a third of record FPI outflows in June: Report

Parichay Investments: Sebi penalises 15 entities for manipulating stock prices

Earlier, Securities and Exchange Board of India (Sebi) had conducted an investigation in the trading in the scrip of PIL during July 2010 to August 2011. Pursuant to probe, it was alleged that a group of 63 connected entities referred to as 'Soni Group' were dealing in the shares of several companies and had contributed to the price and volume.

Zomato: Alipay Singapore sells 3% stake for ₹1,631 crore

According to the bulk deal data available with the National Stock Exchange (NSE), Alipay Singapore Holding Pte offloaded a total of 26,28,73,507 shares, amounting to 3.07 per cent stake in the company.

Crypto Coin TBAC Cracks After Luring Indians With 3,100% Returns

A crypto party in India is showing signs of trouble amid a wider market meltdown. Lax regulations heighten the risks, experts say.

Here are the world’s most expensive cities right now; No Indian city in top 10

New York and Singapore have emerged as the joint-most expensive cities to live in, according to a new worldwide survey.

Before Market Opens: Wall Street rejoices over hopes of slower rate hikes; 9 things to know at 9 am on December 1, 2022

The stock exchanges in the US clocked strong gains after the Fed Chair signalled the pace of rate hikes may get slower. The Indian market may continue its record-setting spree at the beginning of the new month.