Weekly recap: does Elon Musk believe in the imminent growth of bitcoin?

Crypto market in numbers

Since 18th July 2022, the cryptocurrency market cap has managed to gain a foothold above the $1 trillion mark. For about a month, the indicator was below this psychological barrier. The crypto market grew by about 14% over the past week.

Trading activity is gradually recovering after a decrease observed between late June and early July. At the beginning of the month, daily trading volumes fell below $40 billion, which is twice as low as the average daily indicator since the beginning of the year (about $84 billion). However, on 19th July 2022, they rose to $109 billion, according to CoinMarketCap. The average daily volume stood at $78 billion for the week. Between 14th and 20th July, trading volumes reached $546 billion, up 27% from the previous week.

The Cryptocurrency Fear & Greed Index also recorded growth. For the first time in three months, the indicator rose above 30 points and moved out of the “Extreme Fear” zone into the “Fear” zone. The strengthening of the index may indicate the crypto sale observed in May-June loses its influence on market sentiment. On 21st July 2022, the index value stood at 34 points.

Bitcoin’s dominance has not changed considerably and stands at 42.5% at the end of the week. At the same time, the dominance of ether has noticeably strengthened. Over the past seven days, its market share has grown by 3% to 17.8%. Therefore, the second cryptocurrency regained levels recorded in June. Such growth was facilitated by the ETH rally against BTC observed for five consecutive days, between 13th and 18th July. ETH price grew by as much as 31%. A 7% drop in the next two days did not significantly affect the market share of ETH.

Bitcoin’s volatility keeps falling. For the first time since the beginning of May, the 30-day volatility index is estimated at 3%. Over the week, the indicator fell by 0.62%, and by 1.7% over the month.

Ether volatility is shrinking more slowly. Over the week, the 30-day volatility index remained almost unchanged at 5.6%. At the same time, it fell by almost 1% from the high of 6.5% recorded at the end of June.

Gainers of the week (15th – 21st July 2022)

Losers of the week (15th – 21st July 2022)

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Segmentation of cryptocurrencies based on trading results
(15th – 21st July 2022)

Most traded coins (14th – 20th July 2022)

Top crypto market driving factors

Overall crypto market

▲ 14.06.2022 – Celsius paid back $50 million in DAI to decentralised finance (DeFi) lending protocol, Compound.

▲ 14.06.2022 – Crypto lending firm Celsius is voluntarily filing for bankruptcy under Chapter 11 of the US Bankruptcy Code in the Southern District of New York weeks after its native asset plummeted by more than 99%.

▼ 14.06.2022 – Crypto lender Celsius reveals a $1.2 billion balance sheet hole as part of Chapter 11 bankruptcy.

▼ 18.06.2022 – Mass media: top crypto hedge fund, Three Arrows Capital, (3AC) is liable for $2.8 billion in creditor claims.

▼ 18.06.2022 – CoinShares: between 11th and 15th June 2022, digital asset investment products saw inflows totaling $12 million. However, $15 million of that were inflows into short (inverse price) investment products. Considering this, net outflows for long investment products totaled $2.6 million.

▲ 18.06.2022 – CoinShares: multi-assets investment products saw inflows totaling $2 million last week, bringing year-to-date inflows to $219 million, well above any other asset.

▼ 19.06.2022 – Anthony Scaramucci’s Legion Strategies suspended redemptions in one of its funds after sharp declines in stocks and cryptocurrencies.

▲ 19.06.2022 – Celsius has laid out a mining-focused business reorganisation plan. The company is betting big on its also-indebted mining operation to help fill the $1.2 billion hole in its balance sheet.

▼ 19.06.2022 – Bankrupt hedge fund, Three Arrows Capital, owes $3.5 billion to creditors, according to court documents.

▼ 19.06.2022 – Bloomberg: one of the largest crypto lenders in Asia, Babel Finance, hires the legal partner of Celsius and Voyager for the company’s restructuring.

▲ 19.06.2022 – DC Blockchain Summit took place on 19th July 2022 in New York. Well-known crypto experts, along with Wyoming Senator, Cynthia Lummis, joined the event, covering the most relevant topics.

▼ 21.07.2022 – Crypto lending platform, Vault, filed an application to freeze customer assets on 08th July 2022.

▲ 21.07.2022 – Regulators in the U.K. have introduced the much-anticipated financial services and markets bill involving crypto regulations. It sets rules for the use of stablecoins as a means of payment and also involves the development of a roadmap for their adoption.

Bitcoin (BTC)

▼ 14.06.2022 – Coindesk: Bitcoin mining rig prices have slumped to near 2-year lows.

▼ 15.06.2022 – Nearly all Bitcoin miners in Texas shut off their machines as the Texas power grid approached the brink due to extreme heat.

▼ 15.06.2022 – Arcane Research: public miners sold about 14,600 bitcoin in June, ultimately draining their bitcoin holdings by 23%.

▼ 17.06.2022 – The Swedish energy minister indicated that the government may turn its back on crypto mining amid the projected increase in electricity demand. Instead of crypto mining, they will prioritise the manufacturing industry that brings more benefits to society, such as creating a large number of jobs.

▲ 18.06.2022 – CryptoQuant: crypto miners moved over 14,000 BTC ($300 million) in one day. In the last few weeks, miners have offloaded the largest amount of bitcoin since January 2021.

▼ 18.06.2022 – CoinShares: between 11th and 15th June 2022, long-bitcoin saw outflows totaling $2.6 million. However, investors are still adding to short-bitcoin positions, with inflows totaling $15 million last week. Total assets under management (AuM) have risen by 61%, hitting $88 million.

▲ 19.06.2022 – Bitcoin Mining Council: sustainable Bitcoin mining power mix hits 59.5%.

▲ 20.06.2022 – The Swiss crypto investment firm, 21Shares, has launched two new exchange-traded products (ETP) offering investors exposure to bitcoin and ether.

▼ 20.07.2022 – By the end of Q2 2022, Tesla has “converted approximately 75% of its Bitcoin purchases into fiat currency, adding $936 million in cash to its balance sheet.

Ethereum (ETH)

▲ 15.06.2022 – Ethereum developers tentatively confirmed the blockchain’s transition to the PoS consensus algorithm on 19th September 2022.

▼ 18.06.2022 – CoinShares: between 11th and 15th July, Ethereum saw minor outflows totaling $2.5m, ending a three-week run of inflows.

▲ 19.06.2022 – The Lido Finance team announced the launch of Ethereum 2.0 liquid staking service on layer 2 scaling networks.

▲ 19.06.2022 – Santiment: Cardano, Polkadot and Ethereum have the most active Github submission rates over the past 30 days.

▲ 20.06.2022 – The Swiss crypto investment firm, 21Shares, has launched two new exchange-traded products (ETP) offering investors exposure to bitcoin and ether.

XRP (XRP)

▲ 14.06.2022 – A Federal Judge denied the SEC’s attempt to not provide internal documents relating to former SEC Director, William Hinman, who stated that Ethereum (ETH) was not a security.

▲ 18.06.2022 – On 17th July, the former Ripple founder executed his last outgoing XRP transfer of 1.1 million XRP. The transaction marks the end of a 9 billion XRP sell-off initiated by McCaleb.

Cardano (ADA)

▲ 19.06.2022 – Santiment: Cardano, Polkadot and Ethereum have the most active Github submission rates over the past 30 days.

Solana (SOL)

▲ 18.06.2022 – CoinShares: over the past week, Solana saw the only notable inflows among all altcoins – totaling $0.5 million.

▲ 19.06.2022 – NFT giant, OpenSea, is set to unveil the Solana launchpad.

Polkadot (DOT)

▲ 16.06.2022 – The ​​Polkadot ecosystem will be represented in Paris during EthCC at ParisDot.comm event that will take place between 19th and 21st July 2022.

▲ 19.06.2022 – Santiment: Cardano, Polkadot and Ethereum have the most active Github submission rates over the past 30 days.

Dogecoin (DOGE)

▲ 21.07.2022 – The developers of the Dogecoin (DOGE) project have released a new update for the core software, which improves security, efficiency and the user interface.

▲ 21.07.2022 – When commenting on Tesla’s BTC sale, Elon Musk made sure to add that Tesla has not sold any of its Dogecoin.

Shiba Inu (SHIB)

▲ 20.07.2022 – Shiba Inu chose a world-class visualisation studio, The Third Floor (TTF), for the design and construction of the SHIB.io The Metaverse Project. The studio is famous for its collaborations on projects in Hollywood.

NEAR (NEAR)

▲ 19.06.2022 – An institutional digital asset custody, BitGo, will support the NEAR Foundation protocol by providing enterprise-grade digital asset storage services to the project’s ecosystem.

Algorand (ALGO)

▲ 14.06.2022 – Major cryptocurrency investment firm, CoinShares, launched staked Algorand exchange-traded products (ETP) on Deutsche Boerse Xetra.

Chiliz (CHZ)

▲ 18.06.2022 – Socios.com, a blockchain provider for the sports industry, announced new partnerships with three leading Premiership Rugby Union clubs, which marks the company’s latest expansion into a new sport.

PARSIQ (PRQ)

▲ 18.06.2022 – PARSIQ launches a groundbreaking real-time and historical blockchain data solution, Tsunami API, initially supporting Ethereum, Polygon, BSC and Avalanche.

EXMO news

Don’t keep change: convert small balances into EXMO Coin. EXMO has launched a dust conversion feature that easily allows the exchange of small balances into EXM tokens. Find out how to benefit from “crypto dust”.

Instant USD and EUR withdrawals via Visa/Mastercard are available. Fast and convenient card withdrawals allow you to instantly withdraw USD and EUR from your wallets directly to your Visa and Mastercard credit and debit cards.

The crypto market snapshot for Q2 2022 has been published. The analytical report presents 2022’s second quarter in review: crypto market cap, trading volumes, gainers and losers, as well as the correlation between cryptocurrencies and public companies by month and for the entire quarter.

New update for API keys. EXMO improves API key handling by adding more flexibility and offering customisation options.

That’s all for this week! Follow EXMO on YouTube, Twitter and Telegram to stay tuned to the main events and trends in the crypto market.