Bitcoin Slumps in July Following BlackRock Boost
In July, Bitcoin’s price experienced a summer slump after a promising boost in June. Only a few altcoins performed well, with XRP being the most notable beneficiary, posting a monthly close of +49%. However, the market response to Ripple Labs’ partial victory against the SEC was muted, as the ruling on XRP’s sales does not apply to other coins and tokens. NFTs and DeFi also suffered, with NFT prices dropping and negative news surrounding the Azuki project. In the stock market, publicly traded crypto companies outperformed tokens and coins, with Coinbase and MicroStrategy seeing significant gains.
Key Points:
- XRP experienced a monthly close of +49% following Ripple Labs’ partial victory against the SEC.
- NFT prices dropped, with the floor price of Bored Ape Yacht Club falling below 30 ETH.
- Azuki, a prominent NFT project, faced negative news and a proposal to sue its founder.
- The DeFi sector faced vulnerabilities, with Curve Finance being exploited for over $61 million in a reentrancy hack.
- Publicly traded crypto companies, such as Coinbase and MicroStrategy, outperformed tokens and coins in the stock market.
The Cointelegraph Research team
Cointelegraph’s Research department is composed of blockchain industry experts who provide accurate and insightful content. Their opinions in this article are for general informational purposes only and not intended as specific advice or recommendations.
Hot Take:
July was a mixed month for the crypto market, with Bitcoin experiencing a slump while some altcoins and crypto stocks performed well. NFTs and DeFi faced challenges, highlighting the volatility and risks in these sectors. Despite the overall market response to Ripple’s victory being muted, it remains an important development for XRP. As the summer months continue, it will be interesting to see how the crypto market evolves and whether Bitcoin can regain its momentum.
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