CoinDesk Indices head of research Todd Groth, CFA, joins "First Mover" to discuss how the crypto market performed in July, with a focus on the impact of Ripple’s partial court victory against the U.S. Securities and Exchange Commission (SEC).
The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. All right, check it out. Bitcoin is currently trading below $29,000 losing roughly 5% in the past 30 days. Well, joining us now to discuss how the crypto markets performed in July is Coindesk indices. Head of research Todd Groth. Welcome Todd. Thanks for having me. Glad to have you back. So, uh of course, you say that the main catalyst for the month was actually ripple's partial court victory against the SEC. Can you unpack that for us? And uh well, I guess it, how, how did it do relative to? Oh, I don't know the ETF situation that happened in June. Uh Sure. Yeah. So I think what we had in, in um uh in, in July was a reversal of the Bitcoin dominance. We saw from all the positive headlines in, in June, uh most notably the Black Rock ETF filing. Uh And really, um while the, while the uh ripple outcome was um it was, it was partially positive there, there were, it was still deemed a security to the initial investors because of the contract uh involved in the initial sale of uh uh what it basically did was it um it allowed for a lot of the al al coins to catch up with where bit uh Bitcoin was. Uh and, and even Ethereum relative to uh the smaller cap universe. And so with that, um as you mentioned, Bitcoin down 5% Ethereum down 3% on the month. Uh but the broad CM I, which is Bitcoin Ethereum market cap weighted. So those are large tokens within CM I uh CM I was uh was only down about 1%. And that was really driven by uh computing sector, uh D I and uh uh digit digitization which uh have the smaller tokens uh relative to currency and smart contract platform where Bitcoin and Ethereum reside.