BITCOIN BRUNCH BITE : AUG 15, 2024

SNAPSHOT from AUGUST 15, 2024

An overview of news and Bitcoin happenings over the last few weeks.

Image: Bitcoin Brunch

The past week started with a bit of unease as the market was recovering from a rapid dump of Bitcoin early last week fueled by the Japan yen carry-trades. Japan's unexpected rate raise forced traders to sell-off anything they could get their hands on to cover the rate change. Bitcoin plummeted nearly 20% to a low of $49,111 USD.

The good news is the low was tested and Bitcoin rebounded to over $60,000 by the end of last week. Bitcoin started out well enough but then quickly fell down and then rising up again. The recent intense volatility in Bitcoin was due to Japan’s unexpected monetary policy moves which instigated the sudden drop and lingering fluctuations.

Yet this event confirmed a significant and unique trait of Bitcoin which I believe needs to be pointed out and highlighted — with Banks and many exchanges closed, Bitcoin was there. As traders hunted for liquidity Bitcoin was essentially the only available asset on that Sunday and Bitcoin proved it's superpower as the hardest asset available — any time, any day, anywhere on earth.

"In crises, markets sell what they can, not what they want." — Jack Mallers, @Strike CEO

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