HomeNewsBitcoin ETF's Fervor Cools Amidst Broader Crypto Slowdown

Bitcoin ETF’s Fervor Cools Amidst Broader Crypto Slowdown

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  • BlackRock’s spot Bitcoin ETF application in June drove optimism, but the subsequent months saw a general downturn in crypto enthusiasm.
  • While crypto stocks have shown resilience, segments like DeFi and NFTs face challenges.

A Ripple in the Crypto Pond with Subtle Ripples Elsewhere

June heralded a period of increased optimism for Bitcoin with BlackRock’s application for a spot Bitcoin ETF, sparking anticipation. However, July seemed to counteract this positivity, as Bitcoin’s momentum slowed, echoing a broader deceleration across the crypto world. Interestingly, the Ripple Labs’ partial triumph against the US Securities and Exchange Commission (SEC) did manage to uplift some altcoins. XRP, emerging as the primary beneficiary, experienced a remarkable 49% monthly increase.

Yet, the broader market’s reaction to the lawsuit was more subdued than many had foreseen. The specificity of the ruling regarding XRP’s sales doesn’t readily extrapolate to other digital assets. Moreover, prevailing expectations suggest a forthcoming appeal from the SEC, potentially fueling the restrained market activity observed during the summer.

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Cointelegraph Research’s “Investor Insights Report” delineates this intricate landscape, covering various digital asset sectors from venture capital, decentralized finance (DeFi), and more. This report, available for free, acts as a crypto compass, especially invaluable during tumultuous times.

A Stifling Season for NFTs and DeFi

The NFT sector, hailed for its disruptive potential, is feeling the weight of the bear market. July saw even stalwart collections like Bored Ape Yacht Club plummeting, registering values reminiscent of the pre-2021 era. A grim picture is painted with top NFT collections amassing a mere $800,000 in monthly royalties.

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Further accentuating this downturn, the well-respected NFT project Azuki encountered controversies. The AzukiDAO is considering legal action against the project’s founder, aiming to recover a massive 20,000 ETH allegedly misappropriated in a ‘rug pull’.

Similarly, DeFi’s journey has been far from smooth. An unprecedented security flaw recently emerged, not due to the usual suspect of ill-conceived smart contracts, but a vulnerability in the Vyper programming language. This loophole culminated in a staggering $61 million exploitation of Curve Finance. However, there’s a silver lining: the attacker returned the pilfered funds a few days later, settling for a 10% reward.

Crypto Stocks: The Resilient Sector

Contrary to the general trend, crypto stocks demonstrated commendable resilience. Mining stocks, especially, outshined their counterparts, even as tokens and coins floundered. Publicly listed crypto firms saw an average stock price boost of almost 24% by July’s end. Notably, Coinbase shares surged, influenced by the Ripple lawsuit verdict, ending the month with a 32.19% uptick. Mining companies, especially Stronghold Digital Mining, achieved remarkable growth, reflecting the segment’s undeterred momentum.


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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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