Only five times and seven times, respectively, have bitcoin prices closed the month higher than when it began. Average gains were 26% and average losses were 16%.
Crypto Market Declines as Altcoin Slides Are Caused by Curve Collapse
Since Tuesday morning, the cryptocurrency market has been falling, shedding 1.7% to $1.17 trillion in a single day. The leading altcoins are losing between 0.9% for BNB and 3.7% for Solana, while Bitcoin is down 1.6%, Ethereum is down 1.75, and Ethereum is down 1.7%.
The failure of Curve (CRV), which was committed by its creator to purchase USDT, and a potential liquidation of his position are the causes of the pressure. The news, however, has an effect on the altcoin market as a whole and lowers support for the industry.
The risk-off pull mode has made the technical picture of Bitcoin even more hazy. BTCUSD moved away from the 50-day moving average, which has served as support since last Monday, after recovering to $28.8K. The most likely outcome, without any unexpectedly encouraging news, is a drop to $28K (50 percent of June’s upward amplitude). The price is more likely to decline to $27,000, the bottom border of the ascending channel from November, where the 200-day average is crossing, if there is no major demand at this level.
Seasonally speaking, August is thought to be unfavorable for BTC. Only five times and seven times, respectively, have bitcoin prices closed the month higher than when it began. Average profits were 26%, while average losses were 16%.

Crypto News

CoinShares reports that after four weeks of active investing, investments in cryptocurrency funds decreased by $21 million last week. Investments in Bitcoin and Ethereum both fell by $19 million and $2 million, respectively.
Because of the potential for huge losses, according to State Street Global Advisors’ senior gold investment strategist George Milling-Stanley, Bitcoin cannot be compared to gold.
Richard Hart, the founder of HEX, PulseChain, and PulseX, has been sued by the US Securities and Exchange Commission (SEC) for allegedly selling unregistered securities. The billionaire has generated more than $1 billion from token sales of the three companies since 2019, according to the SEC.
A survey from CoinGecko demonstrates the financial industry’s increased interest in the cryptocurrency market. The majority of the top 50 banks already purchase Bitcoin and other crypto assets on exchanges.

One of the biggest banks in Australia, Bendigo Bank, has prohibited its clients from sending money to cryptocurrency exchanges in order to shield them from the dangers of fraud and con artists.

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