Judge stated that XRP sold by Ripple to the public are not securities, Bitcoin wallet addresses reached a year high, while whales are actively accumulating LTC as halving nears. Read our News recap to learn more about the main crypto events between 7th and 20th July 2023.
Between 7th and 12th July, the crypto market capitalisation stood in the range of $1.16-$1.19 trillion, according to CoinMarketCap. After Ripple’s legal battle win, the market surged by 6.8% to $1.26 trillion. However, the very next day, the indicator fell by 4.5%. At the moment, the capitalisation is consolidating at $1.20-$1.22 trillion.
Trading activity has not changed significantly. Between 07th and 12th July, average daily trading volumes remained in the range of $35-$40 billion. On 13th July, the indicator rapidly rose to $73-$101 billion, which has not been observed since March 2023. But on 15th July, the volumes dropped to $35-$40 billion again.
The Cryptocurrency Fear & Greed Index predominantly remained in the “Greed” zone, not falling below 50 points. The peak value of 64 points was reached on 12th July. On 20th July, the index stood at 56 points.
The volatility of cryptocurrencies has dropped significantly. Between 7th and 20th July, the 30-day bitcoin volatility index fell by 13.2%, from 1.89% to 1.64%. The same indicator for ETH decreased by 15.4%, from 2.01% to 1.7%.
A driving force for the crypto market’s positive sentiment was Ripple’s partial win in the SEC court fight. As a result, the coins which were previously called securities by the SEC, began to grow rapidly. Capital began to flow into altcoins, while bitcoin’s dominance declined sharply. However, it is too early to rejoice, as the SEC will definitely appeal.
The volatility of bitcoin and ether keeps falling throughout the month, which indicates that the crypto market will soon experience a wave of volatility. The period from the end of June to the end of July turned out to be very “calm” for bitcoin. In August, there is a strong possibility of significant price movements, so it is recommended that traders implement risk management measures.
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▼10.07.2023 – The number of active crypto developers contributing to open-source crypto projects has decreased by 22% over the past year.
▲10.07.2023 – Bitcoin’s price could reach $50,000 this year and $120,000 by the end of 2024, according to Standard Chartered analysts.
▲11.07.2023 – The number of employees in the cryptocurrency sector has fallen by 10% over the past year, dropping from 210,000 to 190,000.
▲11.07.2023 – Spot trading volume on major centralised cryptocurrency exchanges rose 10.4% in June over the previous month.
▲12.07.2023 – BIS survey reveals that the share of central banks actively exploring a CBDC grew to 93%.
▼12.07.2023 – In Q2 2023, total spot trading volume across the top 20 bitcoin exchanges sank 36%, from $2.6 trillion to $1.66 trillion, CoinMarketCap’s report states.
▲12.07.2023 – Bank of China is testing a new offline payment for digital yuan (e-CNY) via SIM cards.
▲12.07.2023 – The annual inflation rate in the US slowed to 3% in June 2023, slightly below the 3.1% forecast.
▲13.07.2023 – Europe’s first bitcoin ETF is set to launch this month after a 12-month delay.
▲14.07.2023 – According to Kaiko, stablecoin trade volumes have already surpassed $3 trillion in 2023, with Tether accounting for the majority of trades.
▼07.07.2023 – According to Glassnode, short-term holders have sent 617,000 BTC to exchanges during the past 20 days.
▼07.07.2023 – Santiment notes a sharp increase in FUD (“fear, uncertainty and doubt”) for BTC.
▲10.07.2023 – The Bitcoin hashrate reached an all-time high value of 395 EH/s.
▲10.07.2023 – Bitcoin addresses holding between 10 and 10,000 BTC have accumulated 71,000 more coins.
▲11.07.2023 – Bitcoin whales holding between 1,000 and 10,000 BTC accumulated around 90,000 BTC over the past 25 days.
▲11.07.2023 – Bitcoin mining difficulty increased by 6.45% to a record high of 53.91 T.
▲13.07.2023 – US SEC’s approval of BlackRock’s spot bitcoin ETF could unlock $30 trillion worth of capital for the Bitcoin market, Bloomberg ETF analyst said.
▲14.07.2023 – BlackRock CEO, Larry Fink, believes that bitcoin can “transcend any one currency” due to its global demand.
▲16.07.2023 – Mike Novogratz, CEO of Galaxy Digital, said that a new wave of applications for spot bitcoin ETFs will help the first cryptocurrency grow significantly by the end of the year.
▼17.07.2023 – Whales holding more than 1,000 bitcoins dumped some of their coins.
▲18.07.2023 – The majority of Americans (70%) believe Bitcoin will return to its all-time high within five years.
▼18.07.2023 – Q3 has historically been one of the weakest for bitcoin in terms of trading volumes.
▲18.07.2023 – The number of unique addresses on the Bitcoin network hit a year high of 513,000.
▼19.07.2023 – The main BTC sellers in recent days have been short-term investors, who have been preparing to take profits for several weeks.
▲20.07.2023 – Tesla did not buy or sell any bitcoin for the fourth straight quarter in Q2 2023.
▲07.07.2023 – New Ethereum addresses are being created at an increased pace, which is a signal for eventual ETH growth.
▲10.07.2023 – According to Santiment, the discussions surrounding the XRP network have experienced a notable increase.
▲13.07.2023 – Ripple Labs notches a landmark win in the SEC case over XRP. The court ruled that sales of XRP conducted on digital asset exchanges did not constitute investment contracts.
▲14.07.2023 – Major crypto exchanges have relisted the XRP token after a federal judge ruled yesterday that XRP is not a security.
▼17.07.2023 – Former SEC official, John Reed Stark, said that Ripple’s case ruling is “troublesome on multiple fronts” and is likely to be appealed and overturned.
▲17.07.2023 – XRP accounts for 21% of total crypto trading volume after a partial win against the SEC.
▲17.07.2023 – Ripple will start negotiations with US financial institutions to offer its on-demand liquidity (ODL) product.
▲16.07.2023 – Cardano’s total value locked in DeFi has experienced a positive uptrend, rallying to a yearly high of over $200 million.
▲17.07.2023 – Google Cloud has partnered with the Solana Foundation to explore the use cases of the BigQuery and BigTable tools.
▲10.07.2023 – Litecoin displays strong performance compared to bitcoin and other altcoins ahead of its next halving event.
▲20.07.2023 – Litecoin whales holding between 100,000 and 1,000,000 LTC are accumulating large amounts of the coins ahead of the halving event expected in 13 days.
▲13.07.2023 – The developers of Telegram’s Wallet bot based on The Open Network have introduced a new payment solution that facilitates crypto payments between customers and businesses within Telegram apps.
▲18.07.2023 – Telegram CEO, Pavel Durov, said he holds a certain amount of bitcoins and “a little” Toncoin.
▲15.07.2023 – Layer-1 blockchain network Sui has reached 1 million active users in less than two months after its mainnet launch.
▲18.07.2023 – SUI updated their token supply schedule: there will be no major unlocks until May 2024.
▲18.07.2023 – The Sui blockchain outperforms Solana, Polygon, Ethereum, Avalanche and Aptos, in terms of daily transactions.
▼19.07.2023 – The crypto community accuses Sui of imitating on-chain activity.
▲20.07.2023 – Daily transactions on the SUI network have hit 30 million.
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