Market Update: August 2024 | Week 2

12 AUG 2024 | RESEARCH

Welcome to Wintermute OTC Market Update. This weekly commentary aims to provide color on the recent crypto market developments.

Highlights

• Last week, crypto markets experienced significant volatility largely driven by macroeconomic factors. Bitcoin’s price swung dramatically, falling below $50,000 before surging to $60,000 by week’s end.


• A brighter market outlook sparked a broad relief rally, with most crypto categories surging 14-18%.


• Prediction markets continue to attract traction: total volume surpassed $1 billion, with half that amount generated in the last six weeks alone.

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