In the crypto market report covering the week of July 29 – August 5, 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 29, 2024.
Overview of July 29 Weekly Crypto Market Report
The data announced in America last week caused serious fluctuations in global markets. In particular, the average hourly earnings, non-agricultural employment and unemployment rate data announced on Friday, in line with the expectations shared, were very decisive on the markets. Naturally, crypto assets were also affected by this situation.
Bitcoin closed the week at $ 58,160 with a 14.78% loss in value. Similarly, Ethereum closed the week at $ 2688 with a 17.70% loss in value. When we examine the total market value of crypto assets, we see that it has fallen below the level of 2 trillion dollars. In this process, Bitcoin dominance closed the last week at 57% with a positive 0.45%.
Undoubtedly, the most important story of the past week was macro data and geopolitical risks. Especially the tensions in the Middle East region and the impact of carry trade activities between the Japanese yen and the US dollar by a surprise interest rate increase last week caused serious declines. Another important story was the balance sheets announced by Bitcoin mining companies. Large mining companies such as Marathon Digital and Galaxy Digital announced that they made losses compared to last year and previous quarters.
Those who want to get more comprehensive information about the week covering July 29 – August 5 can review Weekly Crypto Market Reports: July 29, 2024.
