Binance Research Releases August Market Report: In August 2024, the total cryptocurrency market capitalization fell sharply by 13.1%, driven by global macroeconomic concerns and weak U.S. unemployment data, exacerbating fears of an economic recession. On August 5, the Bank of Japan's decision to raise interest rates caused considerable disruption to global stock markets, particularly affecting Asian indexes such as the MSCI Asia Pacific Index and Japan's Nikkei 225 Index, which fell sharply during the session.
This volatility extended to the cryptocurrency market, resulting in more than $819 million in liquidations in a single day. Despite the "flash crash," markets began to stabilize after Federal Reserve Chairman Jerome Powell hinted at a possible interest rate cut in September. Additionally, the U.S. Bureau of Economic Analysis revised second-quarter GDP growth to 3%, beating expectations.
TRX outperformed the market in August, rising 19.5%, driven by the launch of the SunPump memecoin launchpad, which led to a 65.6% increase in trading volume and a 245.2% surge in TRON DEX trading volume to over $3B. Affected by macroeconomic and geopolitical factors, BTC fell 11.1%, the spot BTC ETF saw a net outflow of US$142 million, and Grayscale’s GBTC saw a net outflow of US$838 million. ADA, AVAX, and XRP are all down around 13%, and DOGE is down 19.8%. TON prices dropped 20.4% following news of Telegram founder Pavel Durov's arrest, and congestion on the popular memecoin DOGS added insult to injury, causing a six-hour network outage.
ETH fell 24.9% due to reduced on-chain activity, low gas fees, and massive outflows from DeFi TVL. There are concerns over massive ETH liquidations and sell-offs by major players and underperformance of spot ETH ETFs. SOL suffered the biggest decline among the top coins, down 24.4%. Initial interest in memecoin trading appears to have waned due to carpet pulling and hacking incidents, resulting in a 27.7% drop in Solana DEX trading volume and reduced on-chain activity.
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