Bitcoin has experienced the second consecutive month of losses. The first cryptocurrency became cheaper in July, in August it lost 11.5% of its value. The cryptocurrency market crash comes against the backdrop of summer sales among investors, Business Insider writes.
Bitcoin fell 11.5% in August. This is the second consecutive month with losses for the first cryptocurrency. In July, the value of bitcoin fell from $30.5 thousand to $28.8 thousand.
Despite bitcoin’s summer slump, which Business Insider attributes to cryptocurrency selloffs among investors, the first cryptocurrency has gained 56% since the start of the year.
The prices of bitcoin and other cryptocurrencies may rise in the near future in the context of a court decision on the launch of an ETF (exchange traded fund) for bitcoin. The Grayscale trading platform won a dispute with the US Securities and Exchange Commission (SEC), which tried to stop it from converting its bitcoin trust into an ETF.
The decision by the District of Columbia Court of Appeals could mean that the SEC will eventually approve numerous applications for spot bitcoin ETFs, the newspaper writes.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
