After strong monthly gains in July, Bitcoin (BTC) and the altcoins have started the new month on a tentative note. Even the United States equities markets have started August on a soft note.
Is the bottom in?
BofA Securities head of U.S. equity and quantitative strategy Savita Subramanian said in a recent note that the stock market usually bottoms after earnings estimates are revised lower but that has not yet happened during the current downturn.
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Analysts in the crypto space also remain divided on whether the current rise is a bear market rally or the start of a new bull phase.
Daily cryptocurrency market performance. Source: Coin360