{"id":15813,"date":"2024-08-03T17:24:39","date_gmt":"2024-08-03T14:24:39","guid":{"rendered":"https:\/\/forklog.com\/en\/coinbase-analysts-attribute-bitcoins-decline-to-seasonal-trends\/"},"modified":"2024-08-03T17:24:39","modified_gmt":"2024-08-03T14:24:39","slug":"coinbase-analysts-attribute-bitcoins-decline-to-seasonal-trends","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/coinbase-analysts-attribute-bitcoins-decline-to-seasonal-trends\/","title":{"rendered":"Coinbase Analysts Attribute Bitcoin&#8217;s Decline to Seasonal Trends"},"content":{"rendered":"<p>The cryptocurrency market has encountered a typical August downturn, according to analysts from the bitcoin exchange Coinbase, reports <a href=\"https:\/\/www.theblock.co\/post\/309134\/crypto-market-historically-faces-seasonal-downtrend-in-august-coinbase\">The Block<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;In August, seasonality usually does not favour cryptocurrencies,&#8221; stated analysts David Duong and David Han in a note.<\/cite><\/p><\/blockquote>\n<p>They noted that historically, this month has seen a decline in market activity. In August 2023, the spot trading volume of the leading cryptocurrency fell by 19%, and futures trading by 30% compared to June.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;Bitcoin has fallen by an average of 2.8% during this month over the past five years. A decrease in liquidity and trading volume could lead to increased volatility in August,&#8221; the analysts added.<\/cite><\/p><\/blockquote>\n<p>Jag Kuner, head of derivatives at Bitfinex, concurs. He identified seasonality as one of the reasons for a potential liquidity shortage in many digital assets in August.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;We see significant buy walls being built at lower ranges for several altcoins. We also expect the price of bitcoin to range from $61,000 to $70,000, providing an accumulation zone,&#8221; Kuner noted.<\/cite><\/p><\/blockquote>\n<p>On July 31, the <span data-descr=\"Federal Reserve System of the United States\" class=\"old_tooltip\">Fed<\/span> maintained the key rate. Against this backdrop, bitcoin showed a restrained correction to $66,400.<\/p>\n<p>On August 1, the leading cryptocurrency fell below $63,000, and on August 3, it breached the $62,000 level.<\/p>\n<p>Earlier, analysts at Standard Chartered predicted that digital gold would reach a new all-time high in August. They expect bitcoin to soar to $100,000 by the US presidential elections in November.<\/p>\n<p>In June, Robert Kiyosaki, author of the bestseller &#8220;Rich Dad, Poor Dad&#8221; and entrepreneur, predicted the leading cryptocurrency would reach $300,000 by August 25.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency market has encountered a typical August downturn, according to analysts from the bitcoin exchange Coinbase, reports The Block. &#8220;In August, seasonality usually does not favour cryptocurrencies,&#8221; stated analysts David Duong and David Han in a note. They noted that historically, this month has seen a decline in market activity. In August 2023, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,1146],"class_list":["post-15813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-cryptocurrency-market-forecasts"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15813","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15813"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15813\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15812"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}