Bitcoin ETFs, NYSE Bakkt and Goldman Sachs Were Key Market Drivers Last Month
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Cryptocurrency markets followed a distinct pattern in August, declining during the first half and then recovering.
These broader movements coincided with a handful of notable developments. Early in August, Intercontinental Exchange, which owns the New York Stock Exchange, announced plans to create a regulated, global exchange for digital assets called Bakkt.
Shortly after, Bloomberg reported that investment bank Goldman Sachs Group Inc. was considering offering custodial services to cryptocurrency funds.
Further, the U.S. Securities and Exchange Commission rejected several proposals for bitcoin exchange-traded funds (ETFs). While this news made headlines, cryptocurrency markets seemed unfazed.
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.
Several major cryptocurrencies followed the aforementioned pattern, dropping sharply during the first half of the month and then mounting a recovery.
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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.
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