iGaming Crypto Watch August 2023 – Bitcoin up +76.86% since January!

Some big numbers this month with BTC up +76.86%, BCH up +145.02%, LTC up +28.37%, TRON up +41.82%, & +129.41% up since January! (Image from Pierre Borthiry at unsplash.com)

The entire crypto market fell below a yearly high of $1.23t market cap a couple of weeks ago. The market did bounce back to $1.12t, which would be the new support level for the global market.

Several factors were in play for the decline – the SEC told Coinbase to delist all cryptocurrencies except Bitcoin, a USD 47m hack of Curve Finance exposed flaws in the DeFi ecosystem, a 25-basis point interest rate hike last week and the US dollar rallied against the crypto market losses.

While the cryptocurrency market has dropped, investors appear neutral after a stable few months.

According to crypto analysts, the situation is now difficult, and recovery will take a while to move back to yearly highs. Some analysts are predicting the next long-term bull run could come as late as October or November, so traders may capitalise on this trend by shorting the market.

This week the report will look at Bitcoin, Bitcoin Cash, Litecoin, TRON, Ripple and Ethereum to see where they came from and where they may be headed.

iGaming Crypto Watch: See last month’s crypto prices via the iGaming Crypto Watch July 2023 update here.

iGaming Crypto Watch August 2023 Updates

Bitcoin (BTC) – Bitcoin has fluctuated very little since the last report. The biggest gain was on August 1^st when it went up 1.64% but lost those gains the following day. The King of Crypto failed to break the psychological USD 30k barrier since early to mid-July. One of BTC’s most significant institutional owners, MicroStrategy (software company) said they are selling USD 750m worth of their class A shares to acquire more BTC. The news briefly popped the stock price but then a selloff ensued and the coin dropped almost 1%. Bitcoin is currently trading at USD 29,373 and looks like it is in a bear trap and may test support of 28,300 USD.

BitCash (BCH) – BCH enjoyed a massive gain in June when it increased by 157% and hit a yearly high on June 30^th of 304 USD. The coin has pulled back another 3% in the last two weeks and is currently trading at 237 USD. The coin appears to be in a downward trend with support at 233.10 USD and resistance at 252.90 USD.

Litecoin (LTC) – The halving event for Litecoin is scheduled for August 8^th (around 12:30 ET) with the strategy of achieving mass altcoin adoption without sacrificing network security. LTC has dropped 19% since mid-July and 1.8% in the last 2 weeks. Market analysts feel that the trading phase ‘sell the news’ is currently in play here, as traders expect the coin to pop on the selloff leading up to the event. LTC has firm support at USD 90 and is currently trading at USD 91.03.

TRON (TRX) – After hitting a yearly high of 0.085 USD last week, TRX has come off sharply and is trading at 0.078 USD. The altcoin has had a great run since January and is up 41.6%, signalling a possible long-term bull run, but if BTC comes off. TRX will undoubtedly follow. Tron’s strong buy demand, with trading volumes up 17% above average, may help break the resistance of USD 0.086 and see the altcoin breakout to new highs.

Ripple (XRP) – After hitting a yearly high of 0.85 USD last week, TRX has come off sharply and is trading at 0.78 USD. The altcoin has had a great run since January and is up 41.6%, signalling a possible long-term bull run, but if BTC comes off. TRX will undoubtedly follow. Tron’s strong buy demand, with trading volumes up 17% above average, may help break the resistance of USD 0.86 and see the altcoin breakout to new highs.

Ethereum (ETH) – The hack of Curve Finance has negatively affected the Ethereum price because it affects the ETH DeFi sector. The hack had drained off a combined USD 70m, and USD 25m from the ETH providers. Also, Curve is the leading ETH exchange, and now this relationship is being threatened. This may cause an ETH sell-off, which could cause panic selling, creating another catastrophe in the cryptocurrency market. Ethereum traded down at the time of writing, trading at 1,857 USD and seeing strong support at 1,848 USD.

Disclaimer: This report is not advice for investors looking into crypto. The information is here to guide Casinoplusbonus readers on the changing price month by month.