Crypto Market During August
#MarketDownturn

So, let's talk about what made the market crash by 20% yesterday. There are several factors to discuss, and we will be discussing them one by one and what one should do during these times. Well, to be honest, the market was dangerous, and for newcomers, it would be depressing. So first things first

It all started with bad news from the USA. The unemployment rate was forecasted to be 4.1% but came in at 4.3%, which was bearish for the market.
Secondly, the Fed did not cut interest rates and did not even talk about them briefly.
Thirdly, Kamala Harris joined the election race, and after the Trump-Bitcoin meeting where he said they would shift their reserve into crypto, the USA government started selling Bitcoin. Transactions from Mt. Gox and Genesis addresses also caused panic in the market. This is all from the USA side.

Now, if we talk about China and Japan: China celebrates Ghost Month in August, and the market usually dumps around this time, causing a crash .
From Japan's side, they increased the interest rate of the Bank of Japan, leading to regional sell-offs and other geopolitical and economic uncertainties. The combination of these factors led to the Nikkei 225 experiencing its worst single-day drop since 1987.

Technically speaking, there was resistance at $70k on BTC, which got rejected, and the support at $60k is not that strong, which led to the panic sell-off yesterday. People lost more than $1 billion in the crypto market, and the USA market was also red. These were some of the factors which led to the market downturn.

"So, what should a person do in this type of situation? First of all, don't try to catch a falling knife. If you anticipate a situation like this, keep your exposure to altcoins low, as BTC recovers faster compared to them. Once you see signs of a reversal, you should always buy during a black swan event; it will give you good results. We still expect a choppy market ahead, so there will be more buying opportunities for us.
Stay connected and don't get liquidated"