Crypto Trends in August 2023
Let’s check out the most important news and trends on the crypto market in August.
![Crypto Trends in August 2023](https://zondacrypto.com/documents/20124/0/Twitter+ENG+-+Crypto+Trends+August+%281%29.png/8c42150a-ff9d-67c7-2ec3-463c21ed094e?t=1693744856365)
Grayscale’s ETF Win Against SEC
Grayscale, the company behind one of the largest Bitcoin funds in the world, the Grayscale Bitcoin Trust (GBTC) managed to win a major court case against the US Securities and Exchange Comission (SEC) regarding their Bitcoin ETF application. The court has made a ruling that the SEC wrongly rejected Grayscale’s Bitcoin ETF application and that they should consider the application once more. This ruling paves the way for the potential approval of Bitcoin ETFs in the US. In case Bitcoin ETFs get approved, major financial institutions with billions of USD worth of managed funds will gain exposure to Bitcoin.
Massive Token Unlocks in August
August saw some of the largest crypto token unlocks on the market in 2023. These token unlocks carry major potential investment opportunities. The Sandbox is unlocking 17% of its supply, while the Sui blockchain is unlocking 5% of the total supply. Also, dYdX and Ape Coin are unlocking around 4% of their supplies.
The Litecoin Halving
One of the most important crypto events in August was the Litecoin halving. Litecoin is one of the top 20 global cryptocurrencies, and it’s popular for online and retail crypto payments. The latest Litecoin halving effectively cut LTC mining rewards by half, which makes mining Litecoin more difficult, and the supply of LTC will subsequently become more scarce over time. The main upside is that halving events for cryptos like Litecoin and Bitcoin have historically been precursors of high potential price gains. It will be interesting to see whether history will repeat itself.
DISCLAIMER
This content does not constitute investment advice, financial advice, trading advice or any other type of advice and should not be considered as such; zondacrypto does not recommend buying, selling or owning any cryptocurrency. Investing in cryptocurrencies involves a high degree of risk. There is a risk of losing invested funds due to changes in cryptocurrency exchange rates.