Crypto price hits $25,000 for first time in 2 months

The price of digital currency is nearing $25,000 for the first time in two months, but is still a far cry from its all-time high of $69,000 in November, according to the Spectator Index.

In May and June, the market plunged because investors abandoned risky assets due to worries about high inflation and Federal Reserve interest rate hikes. Some criptocurrency lenders have froze customer withdrawals, and several crypto firms have cut jobs after the collapse of a major pair of tokens.

The price of the digital currency gained 17 per cent in July. The Spectator Index tweeted that it hit a two-month high of $25,000 on Sunday, but it is still well below its all-time high of $69,000 in November.

In July, a 13 per cent increase in the value of criptocurrency derivatives trading on centralised exchanges rose to $3.12 trillion, a gain of 13 per cent, researcher CryptoCompare said on Thursday, showing signs of recovery from the recent market crash.

The market for cryptocurrencies now makes up 69 per cent of total volume, up from 66 per cent in June, and helped push overall volume on exchanges to $4.51 trillion in July, according to CryptoCompare.

On July 29 the exchanges traded as much as $245 billion, which is 9.7 per cent more than June's top daily high of $223 billion.

In July, spot criptocurrency trading fell to $1.39 trillion, a 1.3 per cent decline and the lowest since December 2020, according to CryptoCompare.