The crypto market saw its most intense drawdown this year in the third quarter. Bitcoin (BTC), the industry’s flagship asset, saw its price drop as low as $52,598.70. BTC fell by more than 8% for August, extending a bearish trend into September.
While the outlook for Bitcoin is bearish, many altcoins have not fared better either. Ethereum (ETH), for instance, fell to a low of $2,150.86, atop a 7.67% slump in the past 30 days. With the market outlook bearish, whether this trend will continue this month remains to be seen.
There are indices to judge whether a rebound is ahead. However, the crypto market’s correlation with the US Stock market might stir a major headwind to watch.
Crypto Market and Macroeconomic Influences
As a subset of the broader financial market, the crypto market is generally impacted by trends on Wall Street. In August, the uncertainties surrounding the Federal Reserve interest rate cut shaped market trends.
This discussion stemmed from cooler inflation readings
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