The cryptocurrency market started August at a range between 3.6 trillion USD and 3.8 trillion USD, ending at 3.72 trillion USD. The price support indicates a tactical phase for profit-locking before a potential new growth phase.
Bitcoin recently tested its 50-day moving average, reflecting some accumulation fatigue. However, institutional interest in Ethereum intensified, with SharpLink’s purchase of 83,561 ETH for 264.5 million USD.
Proposed US regulations aim to legalize spot trading in the crypto industry, while Ethena Labs’ USD has risen to become the third-largest stablecoin, reaching 9.5 billion USD—an increase of 75% since mid-July.
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