Crypto Market Highlights of the Past Week
After weeks of pressure from negative news (FUD) spread by financial “whales,” Bitcoin made an impressive comeback in the third week of July. The leading cryptocurrency surged from $60,900 to $68,000, marking a 10% increase. This is seen as an extremely positive signal after a period dominated by bad news.
The primary driver for this increase came from the strong buying activity of Bitcoin ETF investment funds. In just the past 7 days, the capital inflow into the market for buying Bitcoin reached an astonishing $1.2 billion.
Bitcoin’s recovery has created a domino effect, leading to the growth of altcoins. However, it is noteworthy that investment funds seem to be prioritizing memecoins over blockchain projects with real technological potential. This trend indicates that speculative sentiment still dominates the current cryptocurrency market.
BTC Chart
Top 10 Gainers of the Week
Source: Coinmarketcap
Top 10 Losers of the Week
Source: Coinmarketcap
Important News of the Week
- Binance Launches Optimism-Powered Layer-2 Network
- Li.Fi Protocol Hacked, Resulting in $10 Million Loss
- Donald Trump Looks to Release His Fourth NFT Collection
Token Unlocks This Week
Next week, ALT, YGG, and ENA will unlock a significant number of tokens, with corresponding values of $110 million, $7.5 million, and $7.2 million.
Key Macro Events This Week
The upcoming week promises several noteworthy events in the financial and cryptocurrency markets:
- July 23 (Tuesday): The Ethereum ETF Spot officially launches. This is considered a significant milestone for the Ethereum community and could greatly impact the value of this cryptocurrency.
- July 25 (Thursday): A day full of volatility:
- Release of unemployment claims data.
- Bitcoin Conference featuring former President Donald Trump. This event could spark lively discussions and influence market sentiment.
- Release of Gross Domestic Product (GDP) data.
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