(MENAFN) The two biggest digital currencies in the world, Bitcoin and Ether, are on track to have their best month since 2021 due to a rise in risk appetite on the international markets and hope for an Ethereum network update. While their rallies stalled on Friday, Bitcoin is up 28 percent and Ether is up 70 percent in July.

Bitcoin was around USD23,950 as of 5 p.m. in New York, and Ether was circling about USD1,730. Some investors believe that the Federal Reserve is going to stop rising interest rates by the end of the year and may even start lowering borrowing costs next year as a result of growing indications of a slowdown in the United States economy.

This would therefore produce a more favorable environment for speculative assets like cryptocurrencies, which have struggled the current year.

Senior sales trader at GlobalBlock Adrian Kenny wrote in a message, “the week has continued a very welcome up trend.” Adding that “the crypto, and wider markets in general, have seen somewhat of a relief rally in the last few days.”

MENAFN01082022000045014146ID1104623999