Market update
We’re back! That seems to be the majority opinion on Crypto Twitter following the landmark Ripple ruling. The Block reports an immediate surge in the seven-day moving average volume of crypto trading from US$12.74 billion to $16.56B (A$18.7B to A$24.3B). That’s still about 60% below this year’s peak, but it’s a start. As you might expect, XRP was the big mover this week, up 54.6% on seven days ago. Bitcoin fell slightly by 1% while Ethereum gained 1.5%. The ruling gave a vote of confidence to other coins the SEC believes are securities, with Cardano (8.1%), Solana (25%) and Polygon (5.6%) all making gains. Dogecoin gained 6.7%. The Crypto Fear and Greed Index hit greed in the days after the ruling but is currently 54 or Neutral.
The resurgence of confidence from BlackRock filing a Bitcoin ETF application is starting to level out, with Bitcoin mostly trading between US$30K and US$31K since June 24. It finishes the week down 2.4% at US$30.4K, while Ethereum is down 4% on this time last week at US$1,879. There weren’t many big moves: Ripple (-3%), Cardano (-2%) and Dogecoin (-4.2%), but Solana gained 10%, and Polygon increased 3.4%. The Crypto Fear and Greed Index is at 56, or Greed.
The resurgence of confidence in crypto markets continues, with Bitcoin hitting its highest price in more than a year on news BlackRock had resubmitted its application for a Bitcoin ETF. Bitcoin is currently changing hands at A$46,580 (US$31.1K), which is 2.9% up for the week, while Ethereum is trading at A$2,923 ($1,953), up 5.2%. Bitcoin is up almost 90% this year, while Ethereum hasn’t seen a monthly loss in 2023 and has notched up gains in excess of 60%. Ripple finished the week up 1.9%, Cardano gained 5.8%, Doge (5.6%), Polygon (10.4%), and Bitcoin Cash surged another 28.7%. The Crypto Fear and Greed Index is at 62, or Greed.
Bitcoin surged to its highest level in a year – around A$47K (US$31.4K) this week, marking an 85% rise for the year to date. Bitcoin finishes the week up 12.8% at A$45,155 (US$30.2K) while Ethereum gained 7.1% to trade at A$2,775 (US$1,859). Ripple fell 3.2% but most other coins enjoyed gains including Cardano (6.4%), Dogecoin (3.1%), Solana (1.5%) and Litecoin (12.3%). The biggest winner was Bitcoin Cash, which surged 108%, as investors reasoned the SEC will likely not declare it a security due to its similarity to Bitcoin. July is a historically strong month for prices notes Matrixport crypto researcher Makus Thielen, including 24%, 20% and 27% gains in the past three years. “Bitcoin could be at $33,000 to $36,000 by August (A$49.4K-A$54K),” he said. The Crypto Fear and Greed Index is at 55, or Greed.
After an uncertain couple of weeks, signs that the traditional finance industry still sees a future for crypto saw Bitcoin recover ground late last week. It finishes up 4% on seven days ago to A$39,400 (US$27,030). Ethereum gained 1% at A$2,546 (US$1,743). Altcoins that the SEC has alleged to be securities continued to slide, with XRP down 5% (after the Hinman emails failed to produce much in its favour), Cardano (+4%) and Polygon (1%). Solana was also up, increasing 7%, and Dogecoin was up 1.6%. The Crypto Fear and Greed Index is stuck at ‘meh’, also known as 47 or Neutral.
As Independent Reserve marks a significant milestone of 10 years in the cryptocurrency industry this week, our group CEO, Adrian Przelozny, reflects on the journey so far and shares insights into our values, achievements, and future aspirations. Thank you for being an integral part of our journey, and we look forward to the next 10 and beyond. Read Adrian’s full message here.