Dear all,

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Now, let us bring you the usual NFT and digital market overviews for the third week of July.

🌐 Two Weeks Market Brief

Bitcoin for the past 2 weeks ending 3rd July fell -3.27%, Ethereum -2.27% but rest of the market rose 4.69%. Bitcoin is stuck in a range while alt-coins have rallied on the back of Ripple’s partial win against the SEC.

The digital asset industry scored a partial win against the SEC in a landmark case that partially acknowledged that the sale of $XRP is not an unregistered security offering. The ruling stated that sales on public digital asset exchanges were not offers of securities since purchasers did not have a reasoanble expectation of profit that depended on Ripple’s efforts. This news brought bullish sentiment back into alt-coins and especially those ones that were accused of being securities by the SEC.

Figure1: US inflation is likely to accelerate from next month / Source: BofA Research

The June inflation data in the US came below expectations as dollar fell sharply responding to such news. Bond prices globally also rallied anticipating that the job is done with inflation. Although the macroeconomic environment seems more favourable than ever, this is likely to be the last print before we see inflation picking up slightly again (Figure 1). In light of this possible inflation resurgence, it is crucial to take caution with respect to risk assets.

NFT Market Overview

Volumes in the Ethereum market remain relatively low, hovering just below 6,000 ETH. The majority of trading activity is still concentrated at Blur, although its market share has decreased slightly to 49%.

Source: nftgo.io

On a positive note, the bluechip index shows a modest improvement compared to two weeks ago. However, it still remains at a low point when considering the performance over the past three months.

Source: nftgo.io

In a recent turn of events, the floor price of the renowned Bored Ape Yacht Club experienced a significant drop, falling below 30 ETH a couple of weeks ago. However, there has been a slight recovery. The current floor price is now holding steady just above 30 ETH, specifically at 32.75 ETH.

Here are top 5 collections based on trading volume over the past 7 days: