Bitcoin · Strait of Hormuz · Federal Reserve (FED) · CoinDesk
Live updates: Bitcoin rises above $61,000 as the red hot semiconductor trade starts to fade
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The macro headwinds that drove bitcoin's worst ETF month on record are fading, Can-Luca Köymen, investment strategist at Sygnum Bank, told CoinDesk in emailed comments.
Key facts
- With bitcoin trading below its 200-day moving average and beneath the previous cycle's high, he sees the entry point as relatively attractive
- A July 17 congressional hearing on the CLARITY Act, which would establish clearer rules for crypto assets, is a separate watch item
- The macro headwinds that drove bitcoin's worst ETF month on record are fading, Can-Luca Köymen, investment strategist at Sygnum Bank, told CoinDesk in emailed comments
- Sygnum expects ETF outflows to turn positive in July, though summer liquidity means any inflows will likely be modest rather than a flood
Summary
Oil has fallen back below pre-war levels as the Strait of Hormuz reopened faster than expected and Gulf supply recovered, removing the energy-driven inflation impulse that pushed the Fed hawkish through June. Together, Köymen says, those factors argue for rate hike probabilities to reprice lower. With bitcoin trading below its 200-day moving average and beneath the previous cycle's high, he sees the entry point as relatively attractive. Sygnum expects ETF outflows to turn positive in July, though summer liquidity means any inflows will likely be modest rather than a flood.