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During August, the broader digital currency market fell by as much as 30%, according to the MVIS CryptoCompare Digital Assets 100 Index (MVDA), a key benchmark based on the value of the top 100 largest digital assets. After bottoming out roughly mid-month, this index recovered, climbing more than 19% before August was over.
Bitcoin, the world’s largest digital currency by market capitalization, fell more than 20% during the first half of the month, dropping from $7,564.49 to $5,891.87 on August 13, CryptoCompare data reveals. The cryptocurrency then proceeded to recover, finishing August at $7,061.69, a nearly 20% climb from the monthly low.