BitcoinCryptocurrency

Bitcoin (BTC) Price Rally Failed in AUG Despite Trade-War Chaos

The price of the Bitcoin could not bump up in the month of August during a trade war chaos.

There have been different ups and downs in the price of the token but the price failed to go high during the whole month.

According to the CoinDesk data, the price of the coin got over the mark of $12300 and during this session between 1st Aug and 6th Aug, it went high more than 20%.

The factor of the US/China trading war helped the leading cryptocurrency to rise up. But at the end of the month, the value plummeted down at the mark of $9,325.39.

Influence of Macroeconomic Factors

The chief investment officer of asset manager Arca, Jeff Dorman states that the macroeconomic variables helped BTC to get some gains but with the continuation of the Aug, these elements failed to influence the coin.

As he says:

August began with a 20% rally in Bitcoin led once again by the same macro factors that have supported it for most of this year — endless rate cuts from global Central Banks, declining currencies including the critically important Chinese Yuan, a series of Trump tweets about tariffs and reckless monetary policy, a nasty decline in equities, and, of course, the potentially significant impact of a no-deal Brexit.

He went on saying on this and stated:

Unfortunately, the perfect macro storm was erased throughout the rest of the month as these negative correlations broke down and Bitcoin and other digital assets ended the month in the red.

Joe DiPasquale Statement

CEO of cryptocurrency fund of hedge funds BitBull Capital, Joe DiPasquale states:

It is not uncommon for crypto markets to react to global developments and news, but such moves are usually short-lived and loosely correlated.

Fluctuation in price

In 2019, the price of the coin rallied from $3400 to the mark of $14k and retrieved more than 300%. The value of the coin then gets the high mark of 2109 as the price held at $13,879.24 in the month of June. After that, the price start fluctuated between the $9k and $12k.

And in the month of August, it remained between this range and failed to surge up.

According to the market sentiments, the coin almost touched the figure of $20k from $1000 mark. But since 2018, the performance of the coin has not been satisfactory.

According to Joshua Frank, co-founder of digital analytics platform TheTIE.io:

2017 was retail driven (over 75K daily tweets), whereas this run is significantly less- we haven’t seen more than 40K daily tweets since 2018

Conclusion

In short, the month of Aug has not been good for the Bitcoin. Though it did get some good figures but it could not surge itself during the month.

Leah Hutton

Leah Hutton has recently joined Tokenhell team as a freelance writer. She has comprehensive knowledge of blockchain and various cryptocurrencies.

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