House View August

Sygnum House View – Crypto market awaits clarity amid regulatory developments

The crypto market rallied mid-July on the news of a favourable ruling in Ripple’s case vs the SEC. This was, however, followed by a largely technical correction driven by options expiries, miners’ profit taking and the selling of Bitcoin previously seized by the US government from the Silk Road dark web marketplace. Although Bitcoin ended the month down -4 percent, a number of major tokens that had been impacted by the SEC’s actions performed well on the XRP court ruling, and the overall market for the month was -2.9 percent. Ether ended the month almost unchanged at +0.2 percent.

Bitcoin traded between USD 28,934 and 31,815 in June, and Ether traded between USD 1,832 and 2,026.

The Sygnum House View is available to professional and private qualified Swiss investors. For other updates on the digital asset markets, read our Insights articles here.

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