Bitcoin's price increased by 14.5 percent throughout July 2021.

The prices of various cryptocurrencies have risen over the past week. Bitcoin, for example, according to Coindesk data, rose 14.5% or US$5,211.39 per coin to US$41,157.15 on July 31, 2021, compared to the end-of-month price of US$35,945.79 per coin.

Bitcoin's exchange rate last month experienced selling pressure, plummeting below US$30,000 per coin on July 21. However, the digital currency was able to reverse course and rise back above the US$40,000 per coin level. Quoting Coindesk, several digital currency analysts are optimistic and hope that Bitcoin investors will remain active above the 50-day moving average, which is at US$34,000 per coin.

David Grider, Strategy Expert at FundStrait, said the market has had lower liquidity during the summer in recent weeks. This surge in Bitcoin's price reflects a flight to safety from Chinese investors who want to sell at any price.

According to Grider, this can be seen from the recent sell-off in the Asian equity market. "Bitcoin can be traded as a hedge investment instrument," he said.

On August 2, 2021, until 9:45 WIB, the Bitcoin cryptocurrency exchange rate was traded at US$39,734.33 per coin, down 4.76% from the previous close.