Cryptocurrency trading started to slide in August, nearly erasing July’s gains | Wilnesh News

Disappointing data released on Thursday – a day after the Federal Reserve voted to keep interest rates on hold – heightened investor concerns that the U.S. economy could be at risk of recession. Manufacturing activity in July fell 1.7 percentage points from June, the number of people applying for unemployment insurance for the first time increased and was higher than expected, and the number of layoffs announced last month was the highest in July in more than 20 years.

Bitcoin is expected to see volatility in August, a seasonally weak month for the cryptocurrency as well as risk assets more broadly. Thursday’s decline erased most of July’s 5.04% gain.

The flagship cryptocurrency has been trading between $55,000 and $70,000 since March, when it hit an all-time high of over $73,000. It has struggled to stay above that cap ever since.

Bitcoin is still up more than 48% this year. Many investors expect the stock to reach record highs in the second half of the year.