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Home»ADOPTION NEWS»Cryptocurrency markets historically face seasonal downturns in August: Coinbase
ADOPTION NEWS

Cryptocurrency markets historically face seasonal downturns in August: Coinbase

By Crypto FlexsAugust 3, 20243 Mins Read
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Cryptocurrency markets historically face seasonal downturns in August: Coinbase
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Market • August 2, 2024 10:17 AM EDT

Posted 1 minute earlier In ~

Coinbase analysts said August is usually a month when cryptocurrency market activity declines and major tokens see a plunge in value.

“Seasonality generally has not been favorable for cryptocurrencies in August,” Coinbase analysts David Duong and David Han said.

In Friday’s Coinbase Weekly report, analysts added that August has historically been a month of low market activity. For example, Bitcoin spot trading volumes were down 19% in August 2023 compared to June of that year. They said Bitcoin futures trading volumes were down 30% on centralized exchanges worldwide during the same period.

“Bitcoin Bitcoin

-4.15%
They added that “the average decline this month over the past five years is 2.8%, and lower liquidity and volume could lead to increased volatility in August.” Coinbase analysts said the same lethargic behavior could be seen this year as well.

August is a month where lethargic behavior can occur.

In an interview with The Block, Bitfinex derivatives head Jag Kooner said that liquidity could be tight for many assets in August, and that seasonality in August could be one reason for that.

“There is significant buying pressure currently forming at the range bottoms for several altcoins, and we also see Bitcoin price trending between $61,000 and $70,000, creating an accumulation zone,” Kuhner added.

Bitcoin At the time of publication, it was trading at around $65,189, up 1.2% over the past day. Bitcoin price page on the block.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Brian McGleenon is The Block’s UK-based market correspondent. He has worked as a financial journalist and producer for several news outlets including Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express for many years. Brian is also a screenwriter and producer, with one feature film produced by Northern Ireland Screen and one feature film in development. In addition to web3 and cryptocurrency development, he is interested in geopolitics, environmental issues, artificial intelligence and longevity research. Contact him at (email protected).
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