In June, BlackRock’s spot Bitcoin exchange-traded fund (ETF) application provided support for Bitcoin (BTC), but in July, the price faced a summer decline. Only a few altcoins managed to perform well in response to Ripple Labs’ partial victory against the U.S. Securities and Exchange Commission. The most notable gainer, Ripple (XRP), reported a monthly closing gain of +49%.
Due to the fact that the decision regarding XRP sales cannot be easily generalized to other cryptocurrencies and tokens, the market’s reaction to the outcome of the case was much quieter than expected. The SEC is now expected to definitively appeal, and market activity generally decreases during the summer months.
The “Investor Predictions Report,” which examines the performance of various sectors in the crypto industry, provides a monthly summary of everything happening in crypto. The report covers venture capital, derivatives, decentralized finance (DeFi), regulation, mining, and much more. Negative news accompanied Azuki, an NFT project. AzukiDAO proposed a lawsuit against Azuki’s founder to recover the alleged loss of 20,000 ETH in disputed rug pulls.
The DeFi sector is grappling with similar difficulties, including an unprecedented security vulnerability that has been discovered and exploited. Security vulnerabilities in DeFi often stem from poorly implemented smart contracts. However, this time, Vyper programming language, an alternative to Solidity, was exposed to a security vulnerability resulting in the exploitation of over $61 million in Curve Finance’s reentry hack.
With the endangerment of Curve liquidity pools, the price of CRV declined. The exploited funds were returned a few days later after the hacker accepted a 10% reward. Cryptocurrency stocks have shown unusual strength in recent months, especially the top-performing mining stocks that consistently outperform BTC.