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Lisa Parker

An editor at FOMOdrive

  • Jun 30, 2023
  • 3 min read

July's Top Five Cryptocurrencies Revealed

crypto coins on financial chart background

Investors are now optimistic about bitcoin.

Record amounts of cryptocurrency are being sent to exchanges by miners.

MicroStrategy purchased 12,333 Bitcoin for a total of $347 million.

Cardano may experience a decrease of over 50% in value.

The Russian Federation's Supreme Court ruled that the conversion of bitcoins into rubles constitutes money laundering.

Glassnode has observed that investors are no longer pessimistic about bitcoin, as they were in 2022. Nevertheless, the possibility of a correction due to the surge of BTC is still a risk.

In a two-month period from April 29 to June 27, MicroStrategy purchased 12,333 bitcoins for a total of $347 million. This brings the company's total holdings of bitcoin to 152,333 BTC, worth approximately $4.52 billion at the current price of $29,668 per coin. The announcement was made by founder Michael Saylor.

In the past seven days, centralized crypto exchanges have seen a dramatic rise in trading activity. This surge can be attributed to the buzz created by BlackRock's application to launch a Bitcoin ETF, as suggested by JMP.

According to the Vertex Protocol, the launch of spot bitcoin ETFs will create the perfect environment for large amounts of capital to enter the cryptocurrency world. Bloomberg estimates that there is a 50% chance that BlackRock's application will be accepted.

CryptoQuant data shows that since June 15, miners have transferred 33,860 BTC (worth over $1 billion) to cryptocurrency exchanges. These coins do not make it to the spot markets, but can be used as collateral when trading derivatives.

A study by TRM Labs found that the percentage of bitcoin in criminal cryptocurrency circulation dropped from 97% in 2016 to 19% in 2022. Despite the bear market of the previous year, the dollar volumes of criminal activity related to cryptocurrencies did not decrease.

The government of Georgia has partnered with Tether, a cryptocurrency, to foster the growth of blockchain technology and other cryptocurrency advancements in the nation.

The cryptocurrency ZenCash will soon no longer be anonymous, as the platform Horizen has decided to eliminate all privacy features at the consensus level. As a result, the native ZEN token will no longer be able to provide anonymity.

Benjamin Cowen, the founder of Into The Cryptoverse, has forecasted that the value of the Cardano crypto asset could drop by more than 50%, to $0.13, in the near future. This prediction is based on rumors that Robinhood and the bankrupt crypto lender Celsius are planning to sell all ADA-related user assets in one go.

The Supreme Court of Russia has reversed a portion of the acquittal of a person accused of drug trafficking, ruling that the conversion of cryptocurrencies into rubles could be seen as money laundering.

For July, Cryptonews has put together a list of the TOP-5 cryptocurrencies. Ethereum is still the top altcoin, while Tether (USDT) and USD Coin (USDC) remain as dependable stablecoins. BNB and XRP are also noteworthy contenders.

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