Bitcoin and Ether Are on Track for Their Best Month Since 2021

Bitcoin and Ether, the world’s two largest digital tokens, are headed toward their best month since 2021 amid a revival of risk appetite in global markets and optimism about an Ethereum network upgrade.

Bitcoin is up 26% in July and Ether 65%, though their rallies paused Friday. Bitcoin was down 2% to trade at $23,538 as of 9:34 a.m. in New York and Ether was hovering around $1,672.

A US economic slowdown is leading investors to the view that the Federal Reserve will be done raising rates by year-end and might pivot to cutting borrowing costs in 2023, creating a more favorable liquidity backdrop for speculative assets.