Breaking News: Crypto Market Shows Signs of Recovery in July Amidst Recent Sell-Off - Insights from J.P. Morgan
In a recent report, J.P. Morgan revealed that the total cryptocurrency market capitalization ended July at around $2.28 trillion, marking a 1% month-over-month increase and a 42% year-to-date growth. This figure is nearly double its value from a year ago, indicating a strong upward trend in the market.
While some tokens like saw positive growth in market cap, others like experienced a decline due to net outflows from newly launched spot ETH ETFs in the U.S. Despite this, Bitcoin and Ethereum saw double-digit volume jumps, with Bitcoin's average daily volume up 18% and Ethereum's up 23%.
One of the key events in July was the launch of spot ETH ETFs in the U.S., which initially saw enthusiasm but later faced net redemptions totaling $484 million. This highlights the challenges in attracting sustained inflows to these products.
Additionally, traditional finance asset managers are increasingly engaging in blockchain technology and tokenization projects, further supporting the use case and utility of the technology. Bitcoin mining also saw increased competition in July, with the monthly average network hashrate rising 5%.
In conclusion, the crypto market in July showed signs of recovery and growth, with some tokens performing well while others faced challenges. It is important for investors to stay informed about market trends and developments to make informed decisions about their investments.