π Analysts consider August a challenging month for the crypto market
According to Coinbase's analysis, traditionally in August the crypto market faces a decrease in activity and a drop in the value of tokens.
π They also noted the low activity of market participants in the last month of summer. For example, in August 2023, BTC spot volumes fell by 19% compared to June of the same year.
π Necessary links
According to Coinbase's analysis, traditionally in August the crypto market faces a decrease in activity and a drop in the value of tokens.
π They also noted the low activity of market participants in the last month of summer. For example, in August 2023, BTC spot volumes fell by 19% compared to June of the same year.
BTC futures volumes were also down 30% on large centralized exchanges.
π Necessary links
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π Bitcoin recovered after falling below $50,000, Hamster Kombat airdrop criteria became known, Michael Saylor reported owning more than $1 billion worth of digital gold and other events of the past week.
ππ» Bitcoin price recovered to $60,000
The first cryptocurrency started the week by collapsing below the $50,000 level before recovering. On Friday, August 9, the digital gold returned to $62,000 but then corrected to $60,000.
π Michael Saylor reported owning more than $1 billion worth of bitcoins
MicroStrategy founder Michael Saylor has revealed that he personally owns more than $1 billion worth of the first cryptocurrency.
π Binance added TON.
On August 8, cryptocurrency exchange Binance listed TON.
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π Necessary links
ππ» Bitcoin price recovered to $60,000
The first cryptocurrency started the week by collapsing below the $50,000 level before recovering. On Friday, August 9, the digital gold returned to $62,000 but then corrected to $60,000.
π Michael Saylor reported owning more than $1 billion worth of bitcoins
MicroStrategy founder Michael Saylor has revealed that he personally owns more than $1 billion worth of the first cryptocurrency.
"About four years ago I posted a tweet about owning 17,732 BTC. [Since then] I haven't sold a single bitcoin, I just keep buying," he stated.
π Binance added TON.
On August 8, cryptocurrency exchange Binance listed TON.
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π Necessary links
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π Necessary links
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In his opinion, when the Bank of Japan indicated that it does not plan to raise interest rates, and Jump Trading will run out of coins for sale, there is no more reason for the price to fall below $50,000.
If Trump wins, a rush of new buyers could push the price of BTC above $100,000. And October and November are historically strong months for BTC, especially in the halving year and the one following it.
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He stated:
"It's like AI. If we don't do it, China or other countries will. We can't fall behind, and cryptocurrency is exactly in that area."
Earlier, Trump suggested that the first cryptocurrency could be a solution to the US national debt, which exceeds $35 trillion.
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According to the results of July, annual inflation in the US amounted to 2.9% against 3% a month ago. The indicator turned out to be better than market expectations, which assumed the same growth rates would be maintained.
Also important for monetary authorities, the rent indicator increased by 0.36% against 0.27% at the end of June - below the average for the last two years.
As a result of the latest recalculation, the mining difficulty of the first cryptocurrency decreased by 4.19% to 86.87 T.
The average hashrate for the period since the previous change in the value was 740.3 EH/s, the interval between blocks was eight minutes and 24 seconds.
According to Glassnode, the computing power indicator smoothed by a 7-day moving average reached 622.4 EH/s.
He has slammed the Federal Reserve and reiterated his call to buy gold, silver, and the first cryptocurrency.
βWhy do people turn to the Fed for help? The Fed is the problem. [β¦] The Fed is made up of PhDs like my poor dad. Highly educated poor people,β he wrote.
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The cryptocurrency's volatility has reached new historic lows on a yearly scale. Bitcoin has been less volatile than Netflix over the past two years.
π Bitcoin is now less volatile than 33 companies in the S&P 500. Volatility is expected to continue to decline as bitcoin matures.
There were only 25 days in 2024 with high price momentum.
This compares to 56, 140, and 64 such days in previous cycles, respectively.
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Reminiscent of the 2009 crisis, which saw a slew of central bank rate cuts. Investors' shift to safer assets and declining government bond yields are seen as classic indicators of an impending recession, reflecting a lack of confidence in economic growth.
According to analysts, the probability of a recession in the U.S. economy is currently around 40%.
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Exchanges are experiencing a shortage in the amount of Bitcoin supply, which may affect the price of the main cryptocurrency.
In addition, it is also profitable to mine Bitcoin right now for several key reasons:
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The undisputed leader in terms of yield is bitcoin, its growth amounted to an impressive 59.75%.
The Nasdaq Technology Index posted a gain of 14.16%, gold gave a return of 12.87%, and the S&P 500 Industrial Average gained 11.57%.
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Bitcoin price has exceeded $64,000
The first cryptocurrency started the week at the level of $60,000, but already on Monday, August 19, fell below $58,000. In the following days, digital gold traded in the range of $59,000-61,000.
On the night of Saturday, August 24, quotes of the asset overcame the level of $64,000. The first cryptocurrency approached $65,000, but did not break through the psychological mark.
At the time of writing, bitcoin is trading at $64,200.
According to French media, Telegram founder Pavel Durov has been detained at Paris' Le Bourget airport. He may face numerous charges related to terrorism, drug trafficking, fraud and money laundering, among others.
The billionaire's detention was criticized by Tesla and SpaceX founder Ilon Musk, Ethereum co-founder Vitalik Buterin, journalist Tucker Carlson and others. TON and Telegram Wallet promised to continue working.
A lawsuit has been filed in federal court in Seattle against Binance and its founder Changpeng Zhao. According to the filing, the three crypto investors failed to recover stolen assets because the exchange failed to prevent money laundering.
The document states that the attackers stole cryptocurrencies from the plaintiffs and subsequently used the platform to withdraw funds. The prosecution claims that Binance knew and to some extent encouraged these actions as its lucrative business model.
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The price of the coin has already managed to react with a small increase of ~30%!
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According to PlanB, a well-known analyst known for its Stock-to-Flow (S2F) model, Bitcoin is poised for significant price growth despite recent fluctuations.
He also said that bitcoin has risen four times from its lowest level in 2022 to the present, which historically indicates that a seven to 10-fold increase could follow.
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Write your variants in the comments!
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According to analysts, the wave of liquidations of long positions has dried up, so BTC will approach ATH after the US elections due to the inflow of liquidity.
βThere is a typical seasonal pattern observed where BTC usually struggles between 1 and 3 months after the halving,β said VanEck's head of digital asset research.
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US government β 2.7%
Miners β 3.4%
Corporations β 3.6%
ETFS β 3.9%
Satoshi β 5.2%
Left to mine β 6.6%
Lost β 17.6%
Private owners β 57%
One of the biggest chunks is still unmined and this could be your chance! The market is just heating up right now, and commissions are flat after halving.
π Stock up on Bitcoin now and sell high later!
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The first cryptocurrency started the week at $64,000. On Wednesday, August 28, digital gold failed the psychological boundary of $60,000, after which it was only temporarily able to recover its position. The total capitalization of the cryptocurrency market is $2.12 trillion. Bitcoin's dominance index is 57.4%.
On August 28, some 96 hours after his arrest, Pavel Durov was released under court supervision with a bail of β¬5 million and an obligation to appear before the police twice a week. He is banned from leaving French territory.
The Telegram founder is charged with six offenses:
Administering an online platform for the purpose of making illegal transactions (the law prescribes a penalty of up to 10 years in prison and a β¬500,000 fine);
refusing to cooperate with the authorities;
laundering the proceeds of crime as part of an organized group;
providing cryptographic services for privacy purposes without mandatory declaration;
complicity in the distribution of hacking software, distribution of pornographic images of minors by an organized group, distribution of drugs, and complicity in fraud by an organized group;
unlawful provision and importation of cryptography tools.
According to Politico, French authorities issued an arrest warrant for Paul and his older brother Nikolai back on March 25 for ignoring law enforcement requests.
The Hamster Kombat clicker game team has announced that the TGE and airdrop of the HMSTR meme token is scheduled for September 26.
Cryptocurrency exchange OKX will add it to the listing.
The first coin distribution was originally planned for July, but it was later postponed. The team then cited the inability to predict the exact date of the event due to technical difficulties.
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$CFX will get a listing on Coinbase, which is one of the leading exchanges. CFX/USDT coin trading will start on September 5.
π Let us remind you that $CFX is in the Top 100 most profitable in 2023.
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The first month of fall promises to be full of events that can significantly affect the market dynamics:
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