Bitcoin wipes out 8% in August$BTC
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.Prices kick off new month at $58,000.Summer trading out, big events in.BIllustration by TradingViewSummer trading wrapped up its final lap last week. Now, volatility is bound to pick up and make things interesting again.âą Bitcoin prices BTCUSD stepped into September trading calm and collected. Floating around the $58,000 mark on Sunday, Sept 1 yes, crypto flexes the "no days off" mentality - the orange coin was treading lightly and in the same demeanor kicked off its Monday deals. Traders might as well enjoy the calm before the storm the new month is here with big things that may shake the fabric of the crypto space.
âą September is bringing a flurry of events, economic data and comments from central bankers around the world. We've got the regulars among the scheduled reports - nonfarm payrolls data coming this Friday. Inflation data coming September 11. But what will matter most for Bitcoin, which has been getting increasingly tied to interest rates, is the Federal Reserve's rate decision.
âą Slated for September 18, the Fed is expected to lower interest rates for the first time since 2020. The question on everyone's mind is whether it's going to be a 25bps cut or a 50bps cut. Brace yourselves for some popping volatility and attractive trading opportunities. Bitcoin is likely to react sharply to the Fed's decision, which will be complemented by a speech from the most expensive voice in the world (no, not Taylor Swift) - Jay Powell will be fielding questions and providing guidance after the rate decision drops. Quick lookback: Bitcoin wrapped up August with an 8% loss at just under $60,000 per coin
