In the crypto market report covering the week of July 22 – 29 prepared by the ICRYPEX Research team, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: July 22, 2024.
July 22 Weekly Crypto Market Report Overview
Last week’s data generally gives mixed signals for the economy. While the decline in housing sales and the contraction in the production PMI are negative signals, the strong service sector PMI and the GDP growth exceeding expectations stand out as positive developments. Although the American PCE data, which was the most important data of the past week, shows that price pressures continue, we see that there is a downward trend in the inflation path and the Fed is getting closer to an interest rate cut.
When we examined the crypto market, although there was a withdrawal last week, we encountered reaction purchases and Bitcoin closed the week at $ 68,250 with a 0.12% gain in value. The Ethereum side showed a weaker performance and closed the week at $ 3270 with a 7.52% loss in value. During this period, Bitcoin dominance achieved its strongest weekly rise since April and closed the week at 56.75% with a 2.47% gain in value. The value of the total cryptocurrency market closed at just under 2.4 trillion dollars.
Undoubtedly the biggest story of the past week was the spot Ethereum ETFs that started trading. ETFs started trading on July 23 and had an inflow of 106 million dollars on their first day. In the remaining days of the week, three consecutive days of money outflow occurred. The total outflow is 340 million dollars. The biggest pressure on the output side occurred on the Grayscale side. We see that the outflow amount on the Grayscale side alone is 1.5 billion dollars.
Another important story is the Bitcoin 2024 Conference. At the conference, which everyone followed with curiosity, former President Donald Trump gave a complimentary speech about Bitcoin and also said that he wanted the USA to become a Bitcoin superpower under his leadership. These positive statements positively affected the Bitcoin price.
Those who want to get more comprehensive information about the week covering July 22 – 29 can review Weekly Crypto Market Reports: July 22, 2024.
