Analysts at market maker Wintermute stated that the growth of the cryptocurrency market is being сдерживается by the sale of bitcoins by miners, changes in oil prices, and problems in the US economy. According to experts, the main reasons for the stagnation of the crypto market lie outside the crypto industry itself. The consumer price index in the United States increased by one‑tenth of a percent in July compared to the previous month, matching analysts’ forecasts. Weak retail trade and consumer sentiment indicators have reduced the likelihood of an increase in the Federal Reserve’s key interest rate in September.

Over the week, Brent crude oil prices rose by 7.91 percent due to increased geopolitical tensions. According to a Wintermute report, only five vessels passed through it on Saturday, and none on Sunday, whereas thirty‑one vessels were spotted in the previous weekend. Market maker experts believe that a further rise in oil prices could accelerate inflation in the United States as early as August. In that case, the main financial regulator will have an additional argument for maintaining a tight monetary policy.

Another source of pressure on major cryptocurrencies in Wintermute was the sale by Riot Platforms in the second quarter of 4,300 bitcoins, following the sale of 3,778 coins in the first quarter. By the end of June, the company’s reserve had shrunk to 11,380 bitcoins. The problem is not limited to Riot alone. Against the backdrop of a record hash rate, the costs of some mining companies exceed their mining revenue. This forces miners to sell their accumulated coins to cover current expenses and finance new business areas, including infrastructure for the needs of artificial intelligence..

To restore positive dynamics in the cryptocurrency market, capital must return not only to spot Bitcoin funds but also to other segments of the crypto market, analysts at Wintermute stated. Earlier, experts from the trading company QCP Capital also identified the factors putting pressure on the crypto market.

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The material has been prepared solely for informational and educational purposes and does not constitute financial advice or a recommendation.