• After June gave Bitcoin ( BTC ) a boost with BlackRock’s application for spot Bitcoin exchange-traded fund (ETF), July sent its price into a summer slump.
• XRP ( XRP ) posted a monthly close of +49% due to Ripple Labs’ partial victory against the United States Securities and Exchange Commission.
• NFTs and DeFi have suffered throughout the bear market, with an unprecedented security vulnerability discovered and exploited in the DeFi sector.
Bitcoin ETF Momentum Runs Out
After June gave Bitcoin (BTC) a boost with BlackRock’s application for spot Bitcoin exchange-traded fund (ETF), July sent its price into a summer slump. Despite some altcoins performing well in response to Ripple Labs’ partial victory against the United States Securities and Exchange Commission, overall market activity has been generally waning over the summer months.
XRP Performance
XRP (XRP) posted a monthly close of +49% due to Ripple Labs’ partial victory against the United States Securities and Exchange Commission. The SEC is now firmly expected to appeal, and market activity has been generally waning over the summer months.
NFTs & DeFi Performance
Nonfungible tokens (NFTs) have suffered throughout the bear market, with classic collections falling to prices as low as before 2021’s craze. Furthermore, AzukiDAO filed a proposal to sue Azuki’s founder and win back 20,000 ETH lost to alleged rug pulls. The DeFi sector has also taken a hit after an unprecedented security vulnerability was discovered and exploited in Curve Finance — resulting in $61 million being stolen from liquidity pools before being returned several days later.
Cointelegraph Research Report
Cointelegraph Research’s “Investor Insights Report” dives into venture capital, derivatives, decentralized finance (DeFi), regulation, mining and much more — offering concise monthly round-ups of everything going on in crypto markets.
Conclusion
The crypto market enters a summer slump as bitcoin ETF momentum runs out — leaving NFTs & DeFi deep in bear territory while crypto stocks experience upside potential. To get up-to-date insights on what is happening in crypto markets each month — Cointelegraph Research offers its free Investor Insights Report available on their Terminal platform.