Bitcoin ETF momentum runs out as crypto market enters summer slump: Report
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. Only some altcoins managed to perform well in response to Ripple Labs’ partial victory against the United States Securities and Exchange Commission. XRP (XRP), the most obvious beneficiary, posted a monthly close of +49%.
The overall response of markets to the result of the lawsuit was much more muted than many anticipated, as a ruling on XRP’s sales does not easily generalize to other coins and tokens. The SEC is now firmly expected to appeal, and market activity has been generally waning over the summer months.
Exploring how the various sectors of the digital asset space have performed in this environment, Cointelegraph Research’s “Investor Insights Report” offers a concise monthly round-up of everything going on in crypto. It dives into venture capital, derivatives, decentralized finance (DeFi), regulation, mining and much more.
The report is available for free on the Cointelegraph Research Terminal.
Nonfungible tokens (NFTs) have suffered throughout the bear market. However, in July, interest in NFTs waned so much that even classic collections fell to price levels as low as before the craze of 2021. The floor price of Bored Ape Yacht Club fell below 30 Ether (ETH), and the top five NFT collections in terms of lifetime earnings collected only $800,000 in monthly royalties.
The weak numbers were accompanied by negative news surrounding Azuki, a well-known blue-chip NFT project. The AzukiDAO filed a proposal to sue Azuki’s founder and win back 20,000 ETH lost to alleged rug pulls.
The DeFi sector has been plagued by similar woes, with an unprecedented security vulnerability
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