Crypto expert Travis Kling highlighted July as the most eventful month in crypto history, as well as being one of the most eventful months in the last 50 years of U.S.
What Happened: Kling begins his list of 20 highlights for July with the most awaited, hyped and talked-about event: Donald Trump’s keynote speech at the Bitcoin BTC/USD conference.
The event highlighted Trump stating that he will fire SEC Chair Gary Gensler, holding on to the government-seized Bitcoin, create a strategic Bitcoin reserve and embrace stablecoins.
Google trends data indicates the interest in "Donald Trump Crypto" surged to 65 between the period from July 14 to July 20, the second highest in the past 12 months.
Some of the other highlights were Spot Ethereum ETH/USD ETFs launching with $484 million in total net outflows in seven daysm the German Government selling 50,000 BTC and Mt. Gox moving 62,000 BTC to various crypto exchanges.
Among other notable highlights, Trump named Bitcoin holder and crypto proponent JD Vance (R-Ohio) as his pick for Vice-President, which sparked conversations on the former President being a staunch supporter of crypto.
Most recently, Senator Cynthia Lummis (R-Wyo.) announced legislation to establish a Bitcoin Purchase program of up to 200,000 BTC annually for five years. Google trends data points to a sudden spike in “Senator Lummis” search interest to 16 between July 28 and Aug. 3, compared to the rather flat interest since October 2023.
Also Read: Bitcoin Stuck In Sideways Mode: Can We Forget About ‘Altcoin Season’ Altogether?
Why It Matters: Global cryptocurrency market capitalization stands at $2.2 trillion, with Bitcoin dominance currently at 55.7%. While the valuation numbers remained relatively flat over the month, BTC Dominance has managed to stay strong and move higher.
Kling's highlights also include Circle receiving a stablecoin license under EU New MiCA Crypto rules, Galaxy Digital raising $113 million in a crypto venture fund, and Cantor Fitzgerald announcing a Bitcoin-based lending business.
These factors make July an eventful month, thereby setting the stage for a greener August and September, which may ride on the post-launch effect of Ethereum ETFs. Ethereum, the underlying asset, could move higher, creating an optimistic sentiment for the broader altcoin and meme coin markets.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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