There were several small, sharp drops and jumps during the month, so let's use volume to select periods for further investigation. The three highest volumes of the month were:-
2019-07-10 12:00 -
2019-07-16 16:00 -
2019-07-18 12:00 +
Cointelegraph's Analysis category had commentary related to the second of those surges in volume. This was followed by a second story on the same subject.
2019-07-16: Bitcoin Below $10,000, Down 26.6% in 7 Days: What Caused the Pullback? • 'The change in sentiment around the crypto market following the remarks of President Trump and Secretary Mnuchin, as well as bearish technical indicators, are considered to be the major factors behind Bitcoin’s most recent correction.'
2019-07-18: Trump Tweets Crypto Rant -- What Is the Bitcoin Reference Really About? • 'Many in the crypto community came to suspect that the tweets were not Trump’s own. [...] "This is more likely coming from the Treasury Department -- that’d be Secretary Mnuchin -- and at the behest in particular of the banks."'
One of Trump/Mnuchin's targets was Facebook's forthcoming currency, Libra. Another Cointelegraph article offered a summary of current concerns about Libra.
2019-07-11:
Top-6 Issues Experts/Entities Have With Libra | Cointelegraph
- U.S. lawmakers are skeptical of Libra
- History of Facebook scandals
- Libra security risks
- Lack of censorship resistance
- Libra is not a real blockchain
- Libra may not really help the unbanked
Cointelegraph's Price Analysis tag had nothing special to say about the peaks in volume. One report placed Trump's tweet after the slide had started. Two others focused on Libra.
2019-07-12: Price Analysis 12/07: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, XLM • 'President Donald Trump bashed both Facebook’s Libra and Bitcoin in a series of tweets on July 11. However, the interesting thing is that unlike the U.S. stock markets, which respond sharply to Trump’s tweets, the crypto universe was unaffected.'
2019-07-17: Price Analysis 17/07: BTC, ETH, XRP, [...] • 'While Libra might dent sentiment in the short term, it is unlikely to change the long-term trend in Bitcoin that is buoyed by fundamentals.'
2019-07-19: Price Analysis 19/07: BTC, ETH, XRP, [...] • 'The bashing of Libra continues, with G7 finance ministers warning that if the project is not regulated tightly, it can upset the global financial system. '
All in all, not a convincing month. We might have to wait until the summer is over to see if the upward trend in the first half will continue.
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