CoinEx Research Unraveled Crypto Market Trends for August
CoinEx Research has released its comprehensive report on the cryptocurrency market in August, showing significant volatility, recovery and key developments during the month. This report is valuable as it provides insights into the dynamics of the crypto space, helping investors and stakeholders navigate the complexities in the market.
Bank of Japan rate hike
The Bank of Japan's decision to raise interest rates caused major market jitters, leading to a global sell-off in August 04. While US equity markets quickly recovered from their losses, the crypto market failed to mirror this recovery. Bitcoin initially showed a slow recovery, reaching the opening high of August, but then fell further, closing the month near the $58,000 mark. Bitcoin balances have dropped to a low of 2.39 million BTC in 2024, indicating a growing trend for investors to hold bitcoins instead of holding them.
Market situation
The fear and greed index is slipping into “extreme fear” territory, with the market weakened by a lack of clear direction. The rate cut by the Federal Reserve in September is widely seen as market consensus and appears to have largely been priced in. This provides a buying opportunity for long-term investors who want to weather the volatility.
Bitcoin Staking
In the year On August 22, the launch of Babylon Bitcoin Staking was met with excitement, quickly reaching a full subscription of 1,000 BTC, which was fully subscribed by approximately 12,700 users within three hours. This launch has boosted Bitcoin gas payments to as high as 800 sat/vB, indicating the potential for massive demand gathering.
Ethereum struggles
Ethereum ETFs saw a positive net inflow in August, recording inflows of $6.2 million, compared to a peak net inflow of $541.8 million in July. Despite some net inflows into Ethereum ETFs, the price of Ethereum continues to experience downward pressure. This is happening as Greyscale ETHE flows slow down, indicating continued challenges for Ethereum to maintain price stability. But Ethereum's core value propositions, especially in the DeFi sector, are strong and sustainable.
His rise
Sui is getting high praise as a strong performer, especially in the GameFi sector. New trusted products supported by Greyscale and strong support from key opinion leaders (KOLs) and investors. While it draws comparisons to Solana, highlighting the competitive nature of blockchain platforms, its unique value proposition makes it unique.
Ton environment
The arrest of Telegram founder Pavel Durov caused the price of Token and Total Value Lock (TVL) to drop. However, the community has rallied around adopting the “Dog of Resilience” mm coin as a symbol of support and endurance.
SunPump on Tron
SunPump has emerged as a popular choice among meme coin traders on the Tron platform, facilitating the creation of over 63,000 meme tokens and earning over 25 million TRX, challenging the dominance of Pump.Fun and demonstrating the dynamic nature of meme coin markets. .
Stablecoins issue
An additional $4 billion in US dollars and US dollars was issued in August, returning levels seen in November last year. Currently, the market is in a slow state due to lack of funds and market speculation. The stablecoin move in indicates that the market has not entered a full bear market phase as early as 2022, when stablecoins began to move out.
Summary
The CoinEx research report paints a picture of the cryptocurrency market at a crossroads, influenced by macroeconomic factors and internal dynamics. The findings show that while the market faces challenges, there are also opportunities for growth and innovation. While the industry waits for new indicators, the focus may remain on regulatory developments and macroeconomic changes. Looking ahead, interest rate cuts and other economic events may provide the necessary impetus for a market rally. As stakeholders meet these insights, the focus becomes on strategic positioning and readiness to take advantage of new trends and opportunities.
About CoinEx
In the year Founded in 2017, CoinEx is a global cryptocurrency exchange committed to making crypto trading easy. The platform offers a range of services including spot and futures trading, margin trading, swaps, automated market makers (AMM) and financial management services to over 10 million users in 200+ countries and regions. Since its inception, CoinEx has strictly adhered to the “user-first” service principle. Committed to nurturing a fair, respectful and safe crypto trading environment, CoinEx enables individuals of all backgrounds to effortlessly discover the world of crypto by offering easy-to-use products.
CoinEx Research remains committed to providing in-depth analysis and insights into the evolving cryptocurrency market, helping investors navigate the complexities and opportunities that lie ahead.
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