July had some surprising moments in the crypto market. What can we look forward to in August? Here are 5 important things I am watching and doing.
Surprise in July: XRP and Ripple
First off, there were some positive surprises in July. The lawsuit against Ripple turned out quite well for the XRP holders, which naturally had positive effects on the price. But overall, July was quiet, and it’s important that we consider this in context.
Tech Stocks at All-Time High
Tech stocks, especially the big ones, are practically at an all-time high. If you combine the performance of crypto in 2022 with that of 2023, you’ll find that the big tech stocks are extremely in the plus, while Bitcoin is way down. But this is a complex picture, and there’s more to consider.
Crypto and Dollar-Cost Averaging
For me, an exciting point is the consideration of moving out of big tech stocks and, for example, using dollar-cost averaging in cryptos like Bitcoin, Ethereum, and DeFiChain. I’m pursuing this strategy myself, and on my platform Bake, we’re starting to offer dollar-cost averaging. Exciting times!
Economic Situation: Recession and Job Report
The economic situation remains uncertain, especially in Germany and the EU. The USA hopes not to slip into recession, but we have to wait and see what the future holds. The Job Report from the USA will give us an insight into how people are doing, and which assets we should be focusing on in the next period.
Expectations and Focus
So what can we expect? A quiet August perhaps, and no further interest rate hikes in September. My focus is currently on our own work, and we’re going full throttle. Often, these sideways phases are good for focus, even if they have little dopamine release for the prices.
It’s an exciting time in the world of finance. With so many moving parts, from crypto to tech stocks and economic uncertainties, there’s a lot to watch and learn. I hope you share this journey with me and look forward to your thoughts and questions.
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