Latest situation in Bitcoin: Losses are increasing

The decline in Bitcoin and the general cryptocurrency market, which experienced sharp losses throughout the month, continued today.

Despite the rise in stocks and gold reaching record levels, Bitcoin could not recover its losses.

Bitcoin fell about 10 percent in August, while the MSCI world stock index gained about 1 percent. Gold prices reached a new record level of 2,509 lira.

US SALES RISK CAUSES DECLINE

Analysts say the risk of Bitcoin, which was seized by the US government and is thought to be worth around $12 billion, being sold off is effective in the decline.

Blockchain data shows that the US transferred $600 million worth of Bitcoin seized last week to a wallet on an exchange operated by Coinbase, according to analysis by Arkham Intelligence.

Khushboo Khullar of Lightning Ventures, which invests in bitcoin-related companies, said the potential U.S. government sell-off is causing downward price pressure. “We expect this gap to close soon,” Khullar said.

LATEST SITUATION IN CRYPTO MARKETS

Crypto assets suffered their worst decline since November 2022 on August 5, amid growing recession fears in the US and a historic decline in Asian markets.

While stocks have since begun to recover, crypto assets have failed to recover following a decline in investor appetite.

As of today, Bitcoin is trading 21 percent below the record of $73,798 reached in March.

As of 15:45 today, Bitcoin is trading at $58,420 with a loss of 2.95 percent.

Ethereum, on the other hand, lost 3.20 percent in value during the same hours, falling to $2,586.