A directionless, low volatility crypto market was affected by a sudden flash crash mid-August. The selloff did not appear to have any particular trigger and was in part attributed to mostly misinterpreted news on SpaceX’s Bitcoin holdings, Tether’s Chinese commercial paper exposure and the entirely expected news on the Ripple appeal by the SEC. The market recovered half of the losses on the favourable Grayscale ruling, but these gains were quickly reversed, again without a trigger, and the market ended the month near the lows. Bitcoin, ether and the broad market were almost exactly in line in terms of performance, each of them down by just over 11% for the month.
Bitcoin traded between USD 25,931 and 29,230 in August, and ether traded between USD 1,646 and 1,856.
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