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Cryptos Resilient In July

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July was both an eventful and strong month for cryptocurrencies. Despite the turbulence that the external and internal market factors triggered, cryptocurrencies surged ahead, shrugging off macro-economic concerns as well as the disturbing developments within the crypto industry.

Data released in July had shown the U.S. CPI for the month of June touching a fresh forty-year high of 9.1 percent. The Fed responded by delivering its second 75-basis points rate hike, lifting the benchmark rates to 2.5 percent. The ECB too hiked key interest rates and lifted the negative interest rate policy, after a gap of more than a decade. The Fed's hawkishness also led the Dollar Index to touch a 20-year high of 109.29 during the month.

Other events that shaped crypto market sentiment in the month of July included Voyager Digital commencing bankruptcy proceedings, Singapore-based Vauld suspending withdrawals, trading, and deposits on its platform, crypto lending platform Celsius filing for bankruptcy, a former product manager at Coinbase Global, Inc., charged in the first ever cryptocurrency insider trading case etc. SEC labelling 9 cryptocurrencies listed by Coinbase as securities also sent ripples across the crypto world in the month of July.

Yet, crypto market survived the negative sentiment, rising almost 28 percent to $1.11 trillion, from $859 billion at the end of June. On the contrary, June had been a particularly depressing month for crypto sphere with the top 10 cryptocurrencies losing, on an average, 30 percent in a single month.

67th ranked Lido DAO (LDO), was the month's biggest gainer from the top 100 cryptocurrencies. LDO added more than 375 percent in the month, swelling to a market cap of $675 million, from a market cap of $141 million at the end of June.

19th ranked Ethereum Classic (ETC) followed with a monthly gain of 144 percent. ETC, which is currently trading at $36, is among the 3 cryptocurrencies in the top 100 category to have made positive year-to-date gains.

93rd ranked yearn.finance (YFI) and 79th ranked Bitcoin Gold (BTG) have both gained close to 100 percent in the past month.

13th ranked Polygon (MATIC) rallied close to 90 percent in the month of July.

Among the top 100 cryptocurrencies, only 20th ranked UNUS SED LEO (LEO), 100th ranked Amp (AMP), 70th ranked PAX Gold (PAXG), 69th ranked Basic Attention Token (BAT) and 48th ranked Helium (HNT) have seen valuations erode more than 1 percent in the month of July.

Market leader Bitcoin gained close to 18 percent in the month of July. The month's trading range for the lead cryptocurrency was between $24,572.58 and $18,966.95 amidst a steady institutional inflow into short-bitcoin products. BTC is currently trading at $23,086.67.

Leading alternate coin Ethereum gained close to 58 percent in the month of July. Ether ranged between $1,019.22 and $1,774.58 in the month of July. It is currently trading at $1,651.45. Ethereum's spectacular rally comes amidst the announcement that The Merge, which would transition Ethereum from Proof of Work to Proof of Stake is scheduled for the middle of September. The upgrade is expected to increase the network's scalability as well as reduce the carbon footprint. After the Merge phase, the Ethereum ecosystem development is expected to proceed to The Surge, Verge, Purge and Splurge phases, which would eventually allow Ethereum to process about 100,000 transactions per second, adding to the euphoria.

5th ranked BNB (BNB) has gained close to 29 percent in the month of July. BNB is currently trading at $284.71, versus $219.30 at the end of June.

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