QCP Capital analysts reported that Bitcoin fell 8.6% in August, while Ethereum experienced a sharper decline of 22.2%, exacerbated by significant selling from Jump Trading. This downturn followed increased market volatility triggered by the Bank of Japan’s interest rate hike and the yen’s appreciation. The analysts noted that Ethereum's ETFs also saw large outflows. Historically, September is a bearish month for crypto, and QCP Capital forecasts further declines, potentially bringing Bitcoin down to around $55,000. The analysts observed that current volatility and market sentiment suggest a lackluster short-term outlook for both Bitcoin and Ethereum, though long-term prospects remain more optimistic. Source: The Block
1
7