Cryptocurrency exchange PrimeXBT published a Market Research Report on their website on Monday July 18th.
PrimeXBT was founded in 2018 and currently serves clients in more than 150 countries.
The main findings of the report are that assets fell with the news of the higher-than-expected Consumer Price Index (CPI), while cryptocurrencies managed to decouple from these assets and edge higher.
Following the news, stocks fell even further. The DOW fell 0.2%. The S&P fell 0.9%, and NASDAQ fell 1.6%.
The report also found significant dips in assets such as gold (2.2%), silver (3.5%), and oil (7%)
According to the report, during this same week, Bitcoin, nonetheless, edged higher. Using MVRV-Z score, the report found that Bitcoin is historically undervalued, making this a good time for long-term investment.
The report also points out top cryptocurrency news from the week. The launch date for the transition to Proof of Stake on the Ethereum mainnet is tentatively scheduled for September 19.
Reviews of PrimeXBT, the exchange behind the report, have praised it for users’ ability to remain anonymous and its multi-level security system.