In early August, the cryptocurrency market saw a significant downturn. This was influenced by geopolitical uncertainties and the Federal Reserve's reluctance to commit to definitive rate cuts. Additionally, oversupply issues exacerbated the lackluster performance of cryptocurrencies such as Bitcoin and various altcoins. These combined factors created a challenging environment for the entire market, leading to declines across the board.
The market's reaction to these macroeconomic and supply conditions underscores the volatility and sensitivity of cryptocurrencies to broader economic signals.
