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[article title] - "August 2023 Crypto Market Forecast" [article] - "After a strong first half of 2023, Bitcoin (BTC) and other major cryptocurrencies kicked off the second half of the year with lackluster performance, despite a positive court ruling in July concerning the ongoing trial between XRP maker Ripple and the U.S. Securities and Exchange Commission (SEC). In July, the CEO of ChatGPT maker OpenAI launched Worldcoin, a controversial new cryptocurrency that verifies users’ identities via iris scans. Meanwhile, the House Financial Services Committee advanced new cryptocurrency bills that could help clarify the regulatory outlook for digital assets in the U.S. Finally, the Federal Reserve once again raised interest rates in July, but crypto investors are hoping the latest positive inflation data means the Fed is approaching the end of its monetary policy tightening cycle. July Crypto Market Performance Bitcoin prices briefly jumped to new 52-week highs above $31,000 in July following more reports that inflation is easing, but the world’s most valuable crypto ran out of steam in the second half of the month. Bitcoin prices dropped more than 3% overall in July, finishing the month below $29,300. Ethereum (ETH) prices rose less than 1% in July to close out the month at $1,859. Among the 10 largest cryptocurrencies by market capitalization, Solana (SOL) was the best July performer with a 56% gain. Bitcoin was the worst performer of the month but remains one of the best-performing major cryptos of 2023. Bitcoin has gained 75% so far in 2023, putting it on track for its best annual performance since 2020. Ethereum prices are also up 55% so far in 2023. The total market capitalization of the global cryptocurrency market peaked at over $2.9 trillion in November 2021, but it took a big hit during crypto winter in 2022. The industry’s market cap now stands at just $1.1 trillion heading into August. Morpher CEO Martin Froehler says the 2023 Bitcoin rally could resume in the months ahead. “We are almost done with the interest rate hike cycle, so the current macroeconomic headwinds will soon begin to fade. Simultaneously, we are about 9 months away from the next Bitcoin halving event, which historically has always propelled the price up dramatically,” Froehler says. Kyle DaCruz, director of digital assets product at VanEck, says Bitcoin’s limited supply and scarcity create long-term value for investors. “Central banks around the world have ushered in unprecedented growth in money supply, effectively eroding their currencies’ purchasing value. In comparison, Bitcoin’s limited supply and increased mining difficulty over time may support the idea of Bitcoin as a long-term store of value and as an alternative to gold,” DaCruz says. XRP Court Ruling Crypto investors got some good news on July 13 when a judge awarded Ripple a partial victory in its legal battle against the SEC. The SEC had sued Ripple back in 2020, alleging the company breached securities laws by selling its cryptocurrency XRP without properly registering it as a security. In the new ruling, a judge in the Southern District of New York ruled XRP is “not necessarily a security on its face.” The ruling sent the price of XRP and other altcoins soaring, but the decision wasn’t a definitive victory for Ripple. The judge ruled XRP was not a security when it came to sales made through trading algorithms, exchanges or other distribution methods, such as employee compensation. However, the judge found Ripple’s institutional sales of XRP were securities transactions. Following the court ruling, popular cryptocurrency exchanges Coinbase (COIN) and Kraken reinstated XRP trading on their platforms. Coinbase’s stock price also jumped following the Ripple ruling. Investors saw the court’s decision in the Ripple case as a positive for Coinbase in its own legal battle with the SEC over allegations Coinbase has been operating as an unregistered exchange and broker."