The crypto market remained tense on July 22: bitcoin nearly reached $67K but failed to hold above that level, Gram reacted sharply to news from Pavel Durov, and some tokens experienced a strong sell-off.
What Is the Crypto Market and How Does It Work
The crypto market is a space where digital assets are bought, sold, and exchanged: from Bitcoin to tokens of individual projects. Transactions take place on crypto exchanges and through decentralized services, and prices change under the influence of supply, demand, news, and liquidity.
Unlike traditional markets, cryptocurrencies can operate without a single central authority: transactions are confirmed on the blockchain, and users themselves are responsible for storing keys and choosing a platform.
Main Types of Cryptocurrencies
- Bitcoin is the main benchmark for the crypto market, tracked by investors and traders.
- Altcoins are cryptocurrencies other than Bitcoin, including Ethereum, Litecoin, and other coins.
- Stablecoins are tokens whose price is usually pegged to a fiat currency or another asset.
- Project tokens are assets within individual ecosystems, such as GRAM, DEXE, and MOVE; their price can be highly dependent on project news.
Mining and Staking: What’s the Difference
Mining is the confirmation of transactions on the network using computing power. Staking works differently: a participant locks up coins and thereby helps maintain the blockchain. The main difference is that mining relies on hardware, while staking relies on token ownership and the rules of a specific network.
Bitcoin Failed to Break $67K
The price of Bitcoin approached $67K for the first time in a month. The day before, the price reached $66.9K, but by 11:00 MSK on July 22, the coin had rolled back to about $66K.
Key market figures as of 11:00 MSK on July 22:
- Bitcoin: about $66K; the day before, the price reached $66.9K.
- Ethereum: $1.92K; 24-hour change: -0.5%.
- Crypto market capitalization: $2.25T; 24-hour change: -0.7%.
- Trading volume: $69B, according to CoinMarketCap.
Cryptocurrency remains a high-risk asset: prices can change sharply due to news and liquidity, and investors face risks of theft, fraud, technical failures, and regulatory gaps.
In practice, dangers can include wallet hacks, phishing links, mistaken transfers, or a sharp sell-off of a particular token, as happened with DeXe. Therefore, investing in such instruments requires caution: even the familiar proximity to stocks in a portfolio does not make cryptocurrency less volatile.
How to Reduce Risks When Working With Cryptocurrency
- It is better to buy assets through platforms with clear rules, high liquidity, and account protection.
- For storage, use two-factor authentication, strong passwords, and, for large amounts, hardware wallets.
- Before transferring, it is important to check the wallet address, network, and fees: mistaken transactions usually cannot be reversed.
- A separate risk is phishing, fake tokens, and promises of guaranteed returns.
Choose an asset for investment not based on a single news item, but on a combination of factors: capitalization, liquidity, and the risk of sharp drawdowns.
Where to View Prices and Charts
- CoinMarketCap — prices, capitalization, trading volume, and token dynamics.
- CoinGecko — market data, ratings, and pages for individual assets.
- TradingView — charts, indicators, and technical analysis tools.
Who Outperformed the Market
Among the top 100 cryptocurrencies, the best performers over the past day were:
- Midnight (NIGHT): +14%.
- Audiera (BEAT): +13%.
- Gram (GRAM), previously associated with Toncoin and ticker TON: +4.5%.
Gram’s movement began in the evening after a statement from Telegram founder Pavel Durov. He announced the largest launch in history of a non-custodial crypto wallet and said that a native wallet for Gram would appear in all Telegram apps.
On this news, GRAM jumped 7% at one point, but then part of the gains was lost. By 11:00 MSK on July 22, the token was trading around $1.51. This is about 80% below its peak of about $81, recorded in June 2024.
Even major market themes such as artificial intelligence or renewed interest in old coins, including Litecoin, took a back seat that day to more specific drivers: news about Gram, ETF flows, and sharp moves in individual tokens.
DeXe Plunged After Reports of Token Sales
The most notable drop was seen in the DeXe token of the decentralized exchange of the same name:
- DeXe (DEXE): -88% in 24 hours.
The sharp decline began after social media was flooded with discussions about possible token sales by the project team. More than $6M worth of assets were transferred from DeXe’s treasury to other wallets and then sent to an exchange.
Before the crash, DeXe had been rising steadily since the beginning of the year. In just the past month, the price rose from $13.5 to $44.75. By the morning of July 22, the token had dropped to about $4.8.
Movement Labs Filed for Bankruptcy
Another negative headline hit the market: Movement Labs, developer of the Movement blockchain, filed for bankruptcy. For several months prior, there had been disputes over the controversial launch of the MOVE token, and crypto exchange Binance blocked the project, CoinDesk reports.
According to DeFiLlama, since last November, the combined daily revenue of applications on the Movement network has consistently remained below $800.
The fully diluted valuation of the token is now $106M. This is 99% below its all-time high.
MOVE is trading around $0.01. Compared to its record of about $1.45, set in December 2024, the token has dropped by 99%. Its capitalization has shrunk to $44M.
Fully diluted valuation shows the value of a crypto project assuming all tokens are already in circulation on the open market. For investors, this is an important benchmark, as it helps to understand how the current price relates to the potential future supply.
ETFs Supported Sentiment, but Market Fear Remains
Spot Bitcoin ETFs in the US have seen inflows for six days in a row. Such a long streak of inflows has not occurred since April. As of July 21, Bitcoin funds attracted $203M, according to SoSoValue.
Ethereum ETFs in the US saw $37.5M in inflows on the same day.
For the global crypto market, demand in the United States and China often serves as an important benchmark, but now the main signal came from US ETFs. Interest in these instruments shows that some investors are once again ready to increase their positions.
The fear and greed index rose to 33 out of 100. This is the highest since late May, although the indicator is still in the fear zone. The rise indicates that selling pressure is gradually weakening.
Nevertheless, the market remains volatile: Bitcoin is holding near local highs, Gram is reacting to news from the Telegram ecosystem, and the crashes of DeXe and MOVE are a reminder of how quickly a single asset can lose most of its value.
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