News recap: is the crypto market decline over?

Crypto market in numbers

Since 12th August, the crypto market’s capitalisation has grown by 4.3%, reaching $2.15 trillion. Since 8th August, the market has been in a state of local consolidation, with prices remaining relatively stable. Globally, market capitalisation has been moving sideways since March of this year. Historical data suggests intense and sudden market movements in the coming month.

Average daily trading volumes have remained medium-high with little change since May. Since 12th August, trading volumes have hovered around $70 billion, occasionally dipping to $36-38 billion.

The Cryptocurrency Fear and Greed Index has settled in the “Fear” zone. On 12th and 17th August, it briefly dipped into “Extreme Fear” before quickly rebounding to 39 points.

Cryptocurrency volatility remains high. Since 12th August, the 30-day BTC volatility index has decreased by 4%, from 3.24% to 3.11%. Similarly, ETH’s volatility index has dropped by 3.35%, from 4.47% to 4.32%.

Bitcoin’s correlation with the S&P 500 and Nasdaq indices has significantly increased over the past month, rising to 0.36 and 0.38, respectively. Although these aren’t peak levels, movements in the U.S. stock market are noticeably affecting the crypto market. As U.S. inflation slows to 2.9%, market participants are now speculating not if but by how much the Federal Reserve will cut rates, adding a dose of optimism to the markets.

The growth in stablecoin capitalisation is historically a positive signal for digital assets. Crypto investors accumulate USDT, USDC, and DAI for future purchases. It’s likely that early to mid-September will still offer favourable price levels for buying oversold altcoins. By October, the market is expected to see a sharp increase.

Gainers (5th – 19th August 2024)

Losers (5th – 19th August 2024)

Easily track gainers and losers within the Simple Trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Most traded coins (5th – 19th August 2024)

Top crypto market driving factors

Overall сrypto market

▲ 12.08.2024 – Tether is investing billions in AI and aims to compete with Microsoft, Google and Amazon in this space.

▲ 12.08.2024 – PitchBook reports that crypto startups raised $2.7 billion in Q2 2024, marking a 2.5% increase from the previous quarter but a 9.8% decrease compared to the same period last year.

▲ 14.08.2024 – US inflation slowed to 2.9%, prompting a positive reaction from the crypto market.

▲ 19.08.2024 – Franklin Templeton has filed for an ETF that includes a basket of cryptocurrencies.

Bitcoin (BTC)

▲ 12.08.2024 – CryptoQuant data shows bitcoin reserves on centralised exchanges are at their lowest since November 2018.

▲ 12.08.2024 – Long-term bitcoin holders bought over 184,500 BTC worth $11.1 billion during the price drop in early August.

▲ 12.08.2024 – Matrixport analysts predict a bitcoin rally is imminent, with upcoming US inflation data and the asset’s oversold condition potentially driving bullish sentiment.

▼ 13.08.2024 – A wallet that received $1.95 billion worth of bitcoin from Mt. Gox has started conducting test transactions.

▲ 14.08.2024 – Between 11th July and 14th August, exchanges saw a withdrawal of 99,308 BTC ($5.96 billion), according to CryptoQuant.

▲ 14.08.2024 – Goldman Sachs has invested over $418 million in spot bitcoin ETFs.

▼ 19.08.2024 – An address controlled by the US Department of Justice transferred 10,000 BTC ($580 million) to a wallet on an exchange.

▼ 19.08.2024 – Kaiko reports that bitcoin trading volume on 17th and 18th August hit a record low.

▲ 20.08.2024 – 15 of the 25 largest hedge funds now hold bitcoin ETFs.

▼ 22.08. 2024 – CryptoQuant reported a significant rise in bitcoin balances on the over-the-counter (OTC) market. Historically, such spikes have often preceded a drop in bitcoin’s price.

Ethereum (ETH)

▲ 12.08.2024 – Following the market downturn in early August, wallets holding 10,000 – 100,000 ETH bought 757,000 ETH.

Solana (SOL)

▼ 20.08.2024 – The SEC raised concerns that Solana might be considered a security during ETF issuer discussions. Consequently, Cboe (Chicago Exchange) removed the related 19b-4 forms.

Toncoin (TON)

▲ 14.08.2024 – Open Network Ventures has launched a $40 million fund to support early-stage crypto projects on the TON blockchain.

TRON (TRX)

▲ 15.08.2024 – Token Terminal reports that USDT on TRON processed the equivalent of one-third of Visa’s annual transaction volume.

▲ 16.08.2024 – Justin Sun announced SunPump, a new platform similar to Pump Fun, for launching meme tokens on the TRON blockchain.

▲ 21.08.2024 – TRON’s daily revenue hit a new record, surpassing $5.3 million, up from $3.88 million on 20th August.

▲ 22.08.2024 – According to Santiment, the launch of the SunPump meme platform has made the TRON network a hot topic, with bullish bets on TRX reaching their highest level since 2017.

Cardano (ADA)

▼ 19.08.2024 – The founder of Cyber Capital has criticised Cardano’s transaction speed claims as being greatly exaggerated.

Sui (SUI)

▲ 12.08.2024 – After Grayscale announced a trust based on Sui, the coin’s price surged past $1, marking a 120% increase over the week.

EXMO.com news

New Ethereum deposit network: you can top up your ETH balance via the BNB Smart Chain (BSC) network.

Ledger Nano X giveaway extended: win your crypto wallet before the end of summer!

Wallet format change for TON and NOT deposits: generate new wallet addresses between 8th August 2024 and 8th February 2025.

Disclaimer. We do our utmost to ensure only reliable cryptocurrencies are traded on EXMO.com. However, investing in cryptocurrencies is the personal responsibility of each trader. We are not responsible for any possible losses incurred as a result of trading operations. Also, remember the DYOR rule (Do Your Own Research) when choosing a project to invest in.