On Thursday morning, the crypto markets had a bearish bounce after the largest one-day rise for the US stock indices in almost two years.
NASDAQ and the S&P 500 reacted positively to Microsoft and Alphabet’s outstanding earnings reports, causing Bitcoin to soar by 9.3% to US$23,180 and Ethereum to rise by 13.3% to US$1,640.
#BITCOIN $23,000! 📈🚀🔥
— Crypto Rover (@rovercrc) July 28, 2022
The global crypto market capitalization has increased by 8% to $1.06 trillion.
With Uniswap, Synthetix, and Synthetix all hitting over 20%, and Aave, Convex, Compound Finance, and 1inch Network all seeing double-digit growth, the DeFi protocols did particularly well.
Overall, the DeFi market value increased by 4.8% to US$87.5 billion.
The IMF’s Point of View
Predictions for the long term remain cautious, despite the huge gains on the day.
Tobias Adrian, director of the IMF, told Yahoo Finance that it’s possible that the cryptocurrency market will continue to decline.
Additionally making headlines
According to a consultation document released by the Law Commission of the United Kingdom, crypto assets, including NFTs, should be protected by personal property laws in the UK.
According to sources in the local media, Terra Labs co-founder Do Kwon has received a “notice on arrival” from South Korean authorities as part of a fraud probe against the disbanded stablecoin company.
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