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After things appeared to have stabilized a bit in July, the crypto markets have had a rocky start to August. Although it is still up 9% over the past seven days, the price of bitcoin has now dropped for four straight days. It has mostly remained in the range of $22-24k. At the time of writing, the largest cryptocurrency by market capitalization has lost 1.5% over the previous day and is currently trading for over $22,800.
Altcoins have also had a sluggish start to the week elsewhere. Although altcoins drove the comeback in July, most are down by 4% or more this morning. Since yesterday, the cost of Ethereum (ETH) has decreased by 5%, with the price currently hovering around $1,582.
As geopolitical tensions between the US and China have risen, traditional markets have also found it difficult to build on last week's enthusiasm in the early part of this week. This is reflected in the price swings in cryptocurrencies. The S&P 500 has increased by 5% and the Nasdaq by 6% after last week's announcement that the Fed would raise interest rates by 75 basis points. However, yesterday's S&P 500-related futures saw a 0.3 percent decline.
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