Bitcoin records negative results in the month of August

Bitcoin records negative results in the month of August
Bitcoin records negative results in the month of August

Bitcoin showed a slowdown compared to last month and returned to operate at around $ 20,000

Estimated reading time: 3 minutes

How to increase the card limit with the C6 Bank credit CD?

In the month of July, Bitcoin managed to rise about 17% and was considered the best month of the year for the digital asset. In August, however, the scenario did not remain the same. The cryptocurrency returned to retreat and returned to the $ 20 thousand house. Over the course of the month, it managed to reach US$ 25,000 but did not hold.

With the aversion to risk with the rise in the interest rate in the United States and the stock market that recorded a fall, Bitcoin was impacted.

Bitcoin in August

At the beginning of the month, the projections portrayed optimism, since the last meeting of the Federal Reserve (US Central Bank) presented results a little more contained. As a result, the price of the cryptocurrency rose by about 9% in the first few days.

However, the most recent announcement by Jerome Powell, chairman of the Fed, changed the course of Bitcoin, in which he stated that an even more contractionary monetary policy will be adopted due to the worsening reality of the world economy.

For analysts, it is likely that in the coming months the main cryptocurrency, as well as the general market, will be influenced by macroeconomic factors. Future Fed announcements will also continue to impact the digital currency.

If the monetary authority pursues a more aggressive policy, Bitcoin should continue to operate lower. Otherwise, if the Fed announces a less restrictive agenda, the crypto could bounce back again.

Ethereum also dropped

Ethereum (ETH), the second most popular cryptocurrency in the world, also recorded declines in the last month of August, but still to a lesser extent than Bitcoin. The loss was around 8% in the period.

What happens to the 40% fine in the labor agreement?

With The Merge, an event that should alter the network’s main system, the scenario is one of positivity in the crypto universe. The change should now take place in September and could bring positive results to the market.

General cryptocurrency crisis

Cryptocurrencies are considered high risk assets due to their high volatility. However, this year has not been a good time for cryptocurrencies in general. The world economic reality has faced adversity and risk aversion has made more and more investors migrate their assets to safer means.

In addition, internal universe factors also directly impacted the performance of coins throughout this year.

Importantly, last year Bitcoin reached its all-time high with its market cap at $69,000. Today, it is around US$ 20 thousand, a devaluation of more than 60%.

Anyway, want to stay on top of everything that happens in the world of finance?

Then follow us on the YouTube channel and on our social networks such as Facebook, twitter, Twitch and Instagram. Thus, you will follow everything about digital banks, credit cards, loans, fintechs and matters related to the world of finance.

Image: AlyoshinE/

PREV more Brazilians save on personal hygiene due to lack of money
NEXT Federal Lottery Result, contest 5693, today, Wednesday, August 31st