The top cryptocurrencies reported a loss in July after a month characterized by high volatility, where the Bitcoin, the leading digital currency, posted its first monthly drop since January.
Congress hearings to Facebook’s Libra and Trump’s attacking remarks on cryptocurrencies raised concerns the U.S. started to crackdown virtual currencies.
The Bitcoin lost 6.58 percent over the course of July to halt its five-month winning streak, where the price of the largest cryptocurrency saw a huge volatility as it recorded a high of $13,129.53 and a low of 9,163.13, according to CoinMarketCap.
However, the fall in the Bitcoin was the least compared to other top cryptocurrencies, as the Cardano (ADA) and Ethereum (ETH) experienced the sharpest declines with -26 percent and -24 percent respectively.
In June, the Bitcoin surged more than 26 percent, but it retreated after hitting a new 2019 high at $13,880 on BitStamp cryptocurrency exchange.
Meanwhile, the Bitcoin is trading 5.4 percent up at $10,557.74, as some traders are still betting the Bitcoin would resume its rally after taking a breather in July.
Ethereum rose 2.9 percent to $220.34 and Ripple gained 0.4 percent to
$0.3156, while Litecoin shed 0.5 percent to $97.36.