The crypto market has bounced back strongly over the past 7 days. This time last week, the whole market was anxiously awaiting Consumer Price Index data from the U.S, leaving many coins in the red. And what will be, will be, on the evening of July 13, the U.S. inflation hit a new four-decade high of 9.1%, exceeding economist expectation, causing the market to crash.
However, after the “storm” passed, the crypto market has seen a strong comeback. No more pressure from the stock market, many large coins started to recover. The bullish momentum was further strengthened when Ethereum (ETH), the world’s second largest cryptocurrency, announced the timeline of the highly-anticipated “merge” upgrade. The sell-off due to liquidity crisis also calmed down, creating conditions for the market to recover.
Ether was the biggest gainer in the past week, from a low of $1,006 on July 13 to $1,631 on July 19 – equivalent to a 62.1% increase. During the same period, Bitcoin (BTC) also increased from $18,910 to $22,961, or 21.4%. Another name with impressive growth is Ethereum Classic (ETC), which has even doubled in value in the past 7 days, rising from $13.34 and peaking at $27.77 on July 19.
Many other layer-1 altcoins such as BNB, SOL, AVAX, MATIC also recorded 20-40% recovery in the past 7 days. As a result, the total market capitalization has returned to the threshold of USD 1045 billion, up nearly $200 billion from $851 billion a week ago. According to data from Coinglass, nearly 851 million USD has liquidated over the last 24 hours, of which ETH accounted for $543 million and BTC with $165 million.
Although the market is showing positive signs, it is still not sure the Merge could happen by September 19. It can be delayed if everything doesn’t go as planned. Moreover, next week is also a difficult time because the Federal Reserve will most likely raise rates at their next meeting on July 26-28. In 3 interest rate adjustments in March, May and June, the Fed’s benchmark rate has increased by 0.25%, 0.5%, and 0.75%, respectively.
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