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News recap: anticipating the launch of spot ETH-ETF
Based on forecasts, ETH-ETFs in the USA are expected to launch on 23rd July, while the market is gradually recovering from the panic and sell-offs earlier this month. Check out the News recap to learn about the most important events in the crypto world between the 3rd and 17th July.
Crypto market in numbers
Since 3rd July, the crypto market capitalisation has grown by 3.04%, reaching $2.37 trillion. After the panic caused by the distribution of Mt.Gox assets and massive bitcoin sales by the German government, the market has managed to recover quite well. Analysts note that sellers are significantly “exhausted”.
Trading activity has increased slightly. Average daily volumes have not fallen below $50 billion, as in the previous month, but the upper limit has increased by 35% to $135 billion. The dynamics of trading volumes are slightly better than last month, however still relatively low.
The crypto Fear and Greed Index quickly moved out of the “Extreme Fear” zone and returned to the “Greed” zone. Such a sharp change in sentiment was last observed in August/September 2021.
Cryptocurrency volatility has understandably increased. Since 3rd July, the 30-day BTC volatility index has risen by 58% – from 1.36% to 2.15%. The same indicator for ETH increased by 46% – from 1.69% to 2.48%.
The crypto market has somewhat recovered after the wave of sell-offs. The rapid change in market sentiment contributed to increased volatility, with a sharp rise expected in the third quarter. During the extreme FUD, experienced investors actively bought, positively impacting prices.
EXMO.com analysts note that current altcoin prices allow for the formation of a good portfolio with excellent returns by the end of the year. Special attention should be paid to L2 tokens, which are noticeably lagging behind the broader market. There will come a time when this sector will start to catch up with the market. However, it is recommended to have free capital for further accumulation in case cryptocurrencies face a new wave of sell-offs.
New All Time High
| Coin | Date | ATH on EXMO.com, $ |
| TRX | 14.07.2024 | 0.15 |
Gainers (2nd – 16th July 2024)
| Coin | Opening price 02.07, $ | Opening price 16.07, $ | Change |
| ZEC | 21.34 | 29.35 | 37.5% |
| NEAR | 5.49 | 6.30 | 14.7% |
| XRP | 0.49 | 0.56 | 13.8% |
| DASH | 25.09 | 28.21 | 12.4% |
| XLM | 0.0980 | 0.1092 | 11.4% |
Losers (2nd – 16th July 2024)
| Coin | Opening price 02.07, $ | Opening price 16.07, $ | Change |
| DEGEN | 0.0078 | 0.0059 | -23.6% |
| PRQ | 0.0899 | 0.0770 | -14.4% |
| YFI | 6,880.73 | 6,311.66 | -8.3% |
| ZRX | 0.55 | 0.50 | -8.0% |
| UNI | 9.54 | 8.88 | -7.0% |
Easily track gainers and losers within the Simple Trade section on EXMO. Check real-time updates in the last 24 hours, week and month.
Most traded coins (2nd – 16th July 2024)
| Coin | Trading volumes, $ |
| USDT | 88,238,575 |
| BTC | 42,168,873 |
| ETH | 18,276,385 |
| DOGE | 9,794,340 |
| XRP | 6,263,973 |
| NEAR | 5,887,821 |
| TRX | 5,724,617 |
| ADA | 5,449,745 |
| SOL | 5,115,385 |
| LINK | 4,595,213 |
Top crypto market driving factors
Overall сrypto market
▲ 03.07.2024 – According to Matrixport, the cryptocurrency market may be on the verge of a strong rally due to numerous potential bullish factors.
▼ 04.07.2024 – Test transactions from the Mt.Gox wallet have been observed.
▼ 04.07.2024 – Santiment reports the start of long positions liquidation in major cryptocurrencies.
▼ 05.07.2024 – Santiment notes a historical level of fear (FUD) in the crypto market.
▼ 05.07.2024 – Mt.Gox moved 47,229 bitcoins, causing panic in the market.
▲ 10.07.2024 – Venture capital investment in cryptocurrency and blockchain projects reached $3.19 billion in Q2 2024, a 28% increase from Q1.
▲ 11.07.2024 – Goldman Sachs plans to launch three tokenised funds by the end of 2024.
▲ 11.07.2024 – Inflation in the U.S. has dropped to 3%, below expectations, a positive signal for the crypto market.
▼ 14.07.2024 – According to Kaiko, the share of USDT in total stablecoin transactions on centralised exchanges has decreased from 82% to 74% in 2024.
Bitcoin (BTC)
▲ 03.07.2024 – River reports that by the end of Q1 2024, 13 of the 25 largest hedge funds in the U.S. held spot bitcoin ETFs.
▼ 04.07.2024 – CryptoQuant has noted signs of bitcoin miners’ capitulation, with them shutting down inefficient equipment and selling reserves.
▼ 05.07.2024 – Santiment reports that whales have sold over 30,000 bitcoins in the past month, with sales increasing sharply at the beginning of July.
▼ 05.07.2024 – Bitcoin mining difficulty has decreased by 5% to 79.5 T following a recalculation.
▼ 12.07.2024 – Mt.Gox creditors are receiving emails confirming the return of their bitcoins.
▲ 12.07.2024 – According to Arkham, the German government has sold all of its 50,000 bitcoins, reducing selling pressure on the market.
▲ 17.07.2024 – According to 13F forms, preliminary Q2 results show that 154 legal entities have invested in spot bitcoin ETFs.
▲ 17.07.2024 – Glassnode reports that Bitcoin sellers are totally exhausted.
Ethereum (ETH)
▲ 03.07.2024 – The president of ETF Store believes that a spot ETH ETF could potentially be launched in mid-July.
▲ 10.07.2024 – According to Glassnode, after a brief period of distribution, Ethereum whales have started accumulating ETH again.
▲ 11.07.2024 – 28% of all ETH is staked, with another 12% used in smart contracts and blockchain bridges.
▲ 15.07.2024 – Since 29th May, 290,000 ETH have been added to liquid staking protocols.
▲ 15.07.2024 – Bloomberg analyst Eric Balchunas reports that the U.S. launch of spot ETH ETFs is scheduled for 23rd July.
Solana (SOL)
▲ 09.07.2024 – VanEck has filed a Form 19b-4 to launch their Solana-based ETF.
▼ 10.07.2024 – The number of active addresses on the Solana blockchain has decreased from a weekly peak of 1.68 million to a low of 1.44 million.
Ripple (XRP)
▲ 17.07.2024 – Santiment notes a very bullish sentiment for XRP.
Tron (TRX)
▲ 12.07.2024 – The Tron team is working on a solution for free P2P stablecoin transfers.
▲ 12.07.2024 – The number of transactions on the Tron network has been growing since the beginning of the year. According to IntoTheBlock, the average daily number of transfers is 6.75 million.
EXMO.com News
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Disclaimer. We do our utmost to ensure only reliable cryptocurrencies are traded on EXMO.com. However, investing in cryptocurrencies is the personal responsibility of each trader. We are not responsible for any possible losses incurred as a result of trading operations. Also, remember the DYOR rule (Do Your Own Research) when choosing a project to invest in.