Crypto Market Updates — July Week 4
The crypto market took a different turn in the last week of July, with lower performance than the previous weeks. Let me take you through the events that shaped the digital assets market.
Market Performance Report
Bitcoin continued in an upward price trend from 66k in week 3 to 68k in week 4, marking a 2% gain. This is considered a very low performance compared to Bitcoin’s 11.93% gain in week 3.
Factors behind Bitcoin’s low performance include:
- BlackRock’s Bitcoin ETF has surpassed the NASDAQ tracking ETF
- MT. Gox creditors started receiving bitcoin and bitcoin cash on Kraken
Ethereum performance was lower compared to Bitcoin, after the approval of the much-awaited ETF. While the new ETFs are raking in millions Ethereum’s price seems to be taking a deep dive. It started the week at 3500k and dropped to 3273k on Saturday, recording a loss of 6%.
- The major factor behind Ethereum’s downward slide is the shift to new
Learn more about crypto investment.
Other Altcoins
Among the top 5 performing altcoins, Solana saw a rise from $178 to $186 marking a 1.16% gain. However, this performance is way below week 3 when Solana gained 21%.
Week 3 market report showed that Solana’s meme coin is the major reason for its recent thrive.
Generally, the crypto market saw a lower performance in week 4 compared to weeks 2 and 3.
Major News and Events
- ETH ETF Debut Performance:
The ETF hit over $1 billion in trading volume on day one. Crypto enthusiasts were disappointed that the ETH price was stagnant on launch day, trading within the 5% range and ending flat.
People reacted differently to Ethereum ETF, they believe, the New ETH ETF is not as strong as the new Bitcoin ETF
- Kraken Closes Distribution to MT Gox Creditors
Kraken CEO Dave Ripley announced they have closed the distribution of Bitcoin and Bitcoin Cash to MT. Gox creditors.
2. Mark Cuban Thinks Kamala Harris is More Crypto-Friendly;
Billionaire investor Mark Cuban told Politico that Harris could be “far more open to business, artificial intelligence, crypto, and government as a service.”
Market Insights, Analysis and Predictions
ETH ETF did not meet people’s expectations of boosting the overall network performance.
Predictions
Analysts project inflows between $1.5 billion (bear case) to $5 billion (bull case) by the end of 2024, hinting at significant institutional appetite.
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