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With volatility being the major feature of the cryptocurrency market, uncertainty prevails here every time. Since the advent of May of the present year, the main cryptocurrency, Terra’s collapse has taken place. After this, the condition of this market is on the verge of downfall. The negative news of the crypto market is increasing every day with this fall in Terra.
Over time, though, the condition was thought to face recovery. But, the sentiment is not positive yet. This is due to the rise in price volatility and falling interest in cryptocurrency derivatives.
The Views By Reports On Bitcoin’s Condition
The reports on the condition of Bitcoin and other cryptocurrencies are being conducted by various studies. In June, the values are showing huge downfalls.
The data reflects a huge fall in derivatives of trading volumes. These downfalls in derivatives are occurring in some famous crypto exchanges like OKX or Binance. It is a matter of excitement to learn about the movements of Bitcoin in August this year. The main question that arises here is whether this month will be favorable for BTC’s price or not.
Will August Be Favorable For BTC?
If we look into the history of the cryptocurrency market, we can notice that August is a favorable time for this market. When we look into the trends of the last two years in a similar time, we can find a rise in flagship currency. The amount of rising is 2.74 percent and 13.42 percent in both years.
But, if we consider the market from a wide angle, we will find a pattern with combinations. This particular month always faces both bullish and bearish trends.
The current price of Bitcoin is around 21,945 USD. The pull here is around 3.64 percent. There was news of the FOMC meeting being held on 26 and 27 July of this year. Due to this meeting, the Cryptocurrency market is facing negative impacts. And, Bitcoin is facing the main negative reactions among all the other coins.
A few days back, BTC was able to revive its position to 24,000 USD. It gained this level after a long bearish period of two months. But in comparison with its earlier condition, there are other changes that we can notice. We can see that the present condition of Bitcoin is going down by around 1.20 percent.
For this year’s August, the analysts are expecting that BTC may show a surge with an average of 33,695 USD. But, as the market is volatile, everything may not turn out according to expectations. The situations may change and we may see some different results as well.
A Drop In The Volume Of Crypto Derivatives
The participants who are looking at the crypto market from a wide angle, are stressing its downfall. They are expressing their tension with the situation of the market which was noticeable even before the FOMC meeting.
Also, the rising rates of interest are leading to more predictions. Investors and analysts are predicting that more will occur in this market in the upcoming weeks.
Crypto Zombie, who is an investor and enthusiast of cryptocurrency, shares opinions on the status of the market. He is of the view that the upcoming weeks will be crucial for BTC. This is due to the FOMC meeting along with the GDP reports of the US.
There has been a downfall of several cryptocurrencies in June of the present year. Many such Crypto firms are going insolvent. This is leading to a pessimistic atmosphere in the entire Cryptocurrency industry. All of these factors are declining the total volumes of trading derivatives. August has dual chances, that is, it can be favorable or unfavorable for Bitcoin’s price.
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