In August, the cryptocurrency market experienced volatility, primarily influenced by broader economic factors affecting Bitcoin. Starting at £50,000, Bitcoin dropped to £42,000 due to a global market selloff linked to a pessimistic US economic outlook. Despite this, Bitcoin improved to around £45,000, suggesting potential investment opportunities. Institutional interest is rising, particularly with BlackRock’s Bitcoin ETFs seeing significant inflows. The recent Bitcoin halving hints at a historical pattern of price stabilization before bull markets begin. Lower inflation and potential interest rate cuts might encourage investors to take on more risk, possibly boosting the crypto market moving into 2024.
