Crypto Beginner

Crypto Market update: 1 August 2022

crypto market update

The broader crypto market has now started the week and the month of August on a flattish note, dipping by a mere 0.63%. And CRE8—India’s first onshore crypto index—had a positive week of sorts. The index registered 8.24% gains and is trading at ₹3,004.02 at the time of release.

Key coins

While there were many highlights throughout July, a rally at Ether’s counter and Bitcoin (BTC) staging a comeback stood out. As of now, BTC and ETH (the biggest crypto players) are trading at $23,436 and $1,696, respectively.

Despite the bear market, July saw BTC closing in on the best monthly gains since October 2021. October was when BTC saw immense price action, followed by a peak in November.

On the other hand, Ether (ETH) was especially buoyant during the last two weeks of July. The rise was spurred by the clarity that has emerged on the timeline of the Merge (which is now scheduled on 19 September 2022), an eventful Ethereum Community Conference in Paris, and the successful completion of the 10th shadow fork (a basic merge test).

Among other crypto assets, Filecoin (FIL) and Numeraire (NMR) have emerged as the top gainers of the day—having moved up by 26.85% and 17.63%, respectively. While Filecoin (a decentralized storage system) is up due to the healthy network stats released on 30 July by its team, Numeraire is seeing a crazy surge (over 1,500%) in daily trading volumes.

Crypto Fear and Greed Index

Meanwhile, the sentiment and volatility-driven Crypto Fear and Greed Index moved to 42—the highest level since April 2022. The market movement suggests that the 75bps fed hike, announced on 28 July 2022, was already priced in during the better part of the crypto winter.

Overall, the market looks stable for now, but we would still recommend an airtight Do-Your-Own-Research (DYOR) strategy.

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