Crypto News: Market Update July 2023
July 2023 brought a series of crucial events that significantly impacted the financial markets and captured the attention of investors worldwide. Here is a summary of some of the most significant events:
July 7: Nonfarm Payrolls
On July 7, the U.S. Bureau of Labor Statistics released the Nonfarm Payrolls report for June 2023. The report, as reported by CNBC, showed a significantly lower job growth than expected. This unexpected decline raised concerns about economic growth and impacted various markets. Investors closely monitored this data as it could influence the Federal Reserve’s monetary policy. Read the full report here: CNBC Jobs Report – June 2023.
July 12: Core CPI
On July 12, the U.S. Bureau of Labor Statistics published the Core Consumer Price Index (CPI) report for June 2023, as reported by CNN. The report showed lower-than-expected inflation, which provided some relief regarding ongoing price increases. Inflation figures are crucial for monetary policy and interest rates, and these findings influenced investors and market analysts. (Source:CNN CPI Inflation – June 2023.)
July 13: XRP was not classified as a security.
On July 13, a U.S. judge ruled that XRP, the cryptocurrency issued by Ripple Labs, is not classified as a security. This important legal decision, reported by Reuters, marked a turning point in the long-standing legal dispute between Ripple and the Securities and Exchange Commission (SEC). The ruling had a significant impact on XRP’s market position and provided clarity regarding its legal status. (Source: Reuters – XRP is geen security.)
July 13: First European Bitcoin ETF
On July 13, a historic milestone for the cryptocurrency market was marked by the launch of the first European Bitcoin Exchange-Traded Fund (ETF). This ETF, reported by the Financial Times, provided European investors with the opportunity to gain exposure to Bitcoin through traditional financial markets. It was seen as a significant step towards broader acceptance of cryptocurrencies.
July 26: Fed Interest Rate Decision
On July 26, the Federal Reserve announced that it would keep its interest rates unchanged at 0 basis points. This decision reflected the Fed’s goal of maintaining accommodative monetary policy amid economic uncertainty and concerns about inflation. CNBC reported extensively on this decision. (Source: Read More.)
July 27: ECB Interest Rate Decision
On July 27, the European Central Bank (ECB) decided to raise its interest rates by 25 basis points in response to rising inflation in the Eurozone. This move marked a clear divergence in monetary policy compared to some other central banks worldwide. More information can be found here. (Source: Read more.)
July 28: Core PCE Index
On July 28, the report on the Core Personal Consumption Expenditures (PCE) Index for June 2023 was released, showing that it fell below expectations. The PCE Index is particularly important as it is a weighted inflation index that accounts for spending patterns. The Federal Reserve views this index as a leading indicator for inflation, reflecting the impact of price changes on the cost of living for consumers. It has a significant influence on monetary policy and is crucial for investors and policymakers. CNBC provided extensive coverage of this development. (Source: Lees meer.)
Despite these events, the total cryptocurrency market capitalization fell by approximately 1.3% in July. Notably, XRP stood out with an impressive increase of over 47% during the month.
