After a difficult first week of July, when the crypto market declined, this week was comparatively better, with a stronger Bitcoin, leading to better crypto trading trends.
July’s second week was comparatively better than its first, mainly due to Bitcoin’s recovery. Bitcoin has hovered around $57,000 for this week after facing a retest at $53,000 last week. The key resistance zone for BTC has formed around $60,000. Among other tokens, most recorded better returns this week. As a result, overall crypto trading trends have improved.
While the week began with a continuation of the bearish trend, positive developments emerged later. It highlighted the underlying resilience and potential of the crypto market. The most important turnaround occurred in the spot Bitcoin ETFs, which saw regular inflows this week.
The news of the German government selling off a significant portion of its Bitcoin holdings had impacted the market negatively. This, coupled with ongoing macroeconomic concerns, pushed Bitcoin down below $54,000, its lowest point in months. However, long-term investors could still be bullish, as bears weren’t able to pull down BTC below $50,000 despite increasing sell-offs.
At the same time, the German government’s Bitcoin sale, while initially unsettling, can be viewed from a positive perspective. It signifies growing institutional involvement in the crypto space.
Investors, particularly those seeking exposure through traditional investment vehicles, continued to show confidence. Over $400 million flowed into Bitcoin ETFs, indicating better prospects for the crypto market outlook.
Apart from these market trends, crypto traders also witnessed multiple developments in the crypto regulatory space. Most of them emerged in Europe. The European Central Bank (EBA) has embarked on a blockchain exploration project with a cryptography firm. Moreover, the EBA has also specified that crypto firms in Europe would have to follow a new travel rule. Meanwhile, the Bank of Italy has announced it will soon release crypto regulatory guidelines.
Apart from Europe, positive news emerged for crypto traders in Australia. The country saw the approval of another spot Bitcoin ETF. With this development, Australia has two spot Bitcoin ETFs in its stock exchanges. The increasing interest of institutional investors, such as hedge funds and investment banks, is a significant validation of the crypto market’s potential. The spot ETFs in the US, Australia, and Hong Kong, had renewed this belief.
This week, the following tokens surged the highest:
But these tokens faced the biggest losses:
One can notice a major shift in token prices from the previous week. While several tokens reported double-digit returns, only a few reported weekly losses. BTC sits on positive seven-day returns, while ETH has also surged by around 8% since July 8. Other tokens like SOL, ADA, and DOT are also in the green for weekly returns.
This week provided a glimpse of the crypto market’s resilience and transformative power. As the space matures and embraces opportunities, the future of crypto looks bright.
Head to Millionero’s blog for a comprehensive overview of the crypto sector!