Bitcoin’s Value Falls by 14%
Bitcoin (BTC) has had its worst August since 2015, with the monthly candle closing down 13.91%. BTC/USD finished the month at $19,990, according to data from Cointelegraph Markets Pro and TradingView.
The August closing was only the second monthly candle bitcoin finished below the $20,000 threshold (depending on the exchange used) since late 2020, undermining bulls’ efforts to stabilize the spot price. While the June close remains the macro low on the monthly chart, the performance has pushed traders into negative territory. Crypto Tony was among them, and he cautioned to be ready for much bigger losses in the future. One on-chain indication, in particular, supported the notion that present BTC price levels are for stockpiling, not selling. Bitcoin’s Realized Worth Hodl (RHODL) ratio, which compares the relative value of coins moving in recent weeks to one or two years ago, has dropped to its lowest level ever.
In August, the ETH price had a mixed performance as investors focused on the anticipated Ethereum merger. The coin’s price had risen to a multi-month high of $2,032. This recovery boosted the values of other cryptocurrencies, increasing their market worth to more than $1.3 billion. The new Ethereum version will have various advantages. First, ETH holders can stake their currencies and receive rewards as a proof-of-stake platform. According to StakingRewards, approximately $20 billion in ETH has already been staked.
According to Tim Beiko, an Ethereum engineer, the initial phase of the merger will take place on September 6, with the whole changeover taking place on September 15. The chart shows that the coin has created a head and shoulders pattern. We call this pattern a bearish sign in price movement research. The coin stabilizes along the 25-day and 50-day moving averages, just below the 38.21% Fibonacci Retracement line.