Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Kraken July 2022 On-Chain Analysis: All Eyes on Ethereum
Kraken Blog | KrakenFX | Aug 5, 2022
The crypto industry faced headwinds in recent months as May’s collapse of the Terra ecosystem took its toll. In June and July, major crypto lending platforms (including Celsius, BlockFi, Voyager and Vauld) took drastic measures in the wake of “extreme market conditions.”
June’s leverage-related fallout for crypto lenders continued into July but did not extend to cryptocurrencies, which rallied. ETH led the way, spurred by news that The Merge, Ethereum’s switch from proof-of-work to proof-of-stake, is set to take place at the end of this quarter. On July 15, Ethereum developers announced the long-awaited Merge could occur as soon as September 19, 2022.
See: U.S. Treasury Request for Comments: Crypto Competitiveness – Risks and Opportunities of Digital Assets
The macroeconomic environment remained challenging as worldwide inflation continued to rise in June. The U.S. Federal Reserve instituted another 75-basis-point hike while signaling their intention to keep raising rates in the months ahead. The U.S. economy’s two consecutive quarters of negative real GDP growth satisfies one popular definition of a country that has entered a recession. Russian military occupation of Ukraine continued.
A rebounding crypto market within a challenging macroeconomic environment could make it difficult to forecast what lies ahead. On-chain data can help separate the signal from the noise by providing evidence of trends in network usage and demand. In Kraken Intelligence’s latest on-chain digest, All Eyes on ETH, the team recaps what went down in July.
Some updates
- BTC rose by 16.9% month-over-month, from $19,950 at the end of June to $23,321 at the end of July. But ETH took the cake with a 57.1% rise from $1,070 to $1,681 over that same timeframe.
See: Vitalik’s Announces Next 4 Phases of Ethereum’s Development Which is Only 40% Done
- Despite trending lower YTD, total crypto market capitalization increased by around $210 billion in July. BTC dominance has increased by 1 percentage point (pp) in 2022 as altcoin market dominance fell across the board. ETH dominance remained the year’s worst performer (-1.3 pp), followed by SOL (-1 pp), AVAX (-0.6 pp), ADA (-0.3 pp), ALGO (-0.3 pp) and DOGE (-0.2 pp).
- Transaction fees represent the cost crypto users are willing to pay to include a transaction on a protocol’s ledger; it is a proxy for network demand. ETH fees have taken the biggest hit YTD (-93%), followed by DOGE (-65%) and BTC (-55%), as network demand has slowed.
Continue to the full article --> here
Download the 15 page PDF July 2022 report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
Ontario Appoints Kevan Cowan as the New Chair of the OSC- Canadian Crowdfunding Industry Highlights Urgent Need for Changes
- The Ultimate Guide to Building a Trading Bot
- Bitcoin Ordinals: Exploring the Convergence of Fungible and Non-Fungible Digital Assets
- Managing Your Finances: 6 Tips To Help You Out
- US Fed Chair Says Private Entities Should Not Help Design Central Bank Digital Currencies
Leave a Reply