August was called the worst month for cryptocurrencies since November 2022

A cascade of liquidations at the end of August continued the summer downturn in the crypto market, according to a report from the Cointelegraph Research team. According to the study, August was the worst month for digital assets since November 2022.

Analysts believe that August was the worst month for the cryptocurrency market since bitcoin hit a local bottom last November at around $ 15,000. «What many initially thought was a summer slump has turned into a pronounced decline,» the analysts emphasized. A cascade of liquidations took place in the derivatives market, resulting in a loss of 7.3% of BTC’s value and 6.9% of ETH’s value.

Grayscale’s victory in court only temporarily raised the bitcoin rate to $ 28,000 in late August, after which the asset price fell again. This triggered one of the largest liquidations of cryptocurrencies: more than $ 1 billion was lost when the price fell to $ 26,000.

Another blow to the industry, Cointelegraph Research experts said, was a 42.7% decrease in venture capital inflows in August compared to July: only $ 401.9 million in 77 deals. Investments in the crypto industry were growing until May of this year, but have been declining since then.

As of September 17, the bitcoin exchange rate fluctuated around $ 26,559. Traders made daily trading deals worth $ 5.2 billion. Bitcoin’s market share is 47.1%. As a reminder, the WTC predicted a 9% growth in October. According to CoinCodex, bitcoin will reach $ 28,435 by October 13, 2023.