Daily Market Update: Bitcoin Holds Above $78,000 as Stocks Close Best August Since 2021
TLDR
- Bitcoin held steady above $78,400 after a 24% gain in August, its best month since November 2024
- HYPE was the only major crypto gainer, up 4%, while Ether, Solana, Tron and Dogecoin all fell
- Strategy bought $370 million in Bitcoin last week, its first purchase in about two months
- US spot Bitcoin ETFs saw nine straight days of inflows before a $202 million outflow on Friday
- The S&P 500 and Nasdaq posted their best August since 2021, but September is historically the weakest month for stocks
Bitcoin stayed above $78,400 on Tuesday morning in Asian trading hours, even as other risk assets pulled back. The price swung between $77,200 and $79,200 over 24 hours but ended the period largely flat.
August was a strong month for Bitcoin. It gained 24%, making it the best performing month since November 2024.
Crypto Markets Mixed Across the Board
HYPE was the standout performer, rising about 4% to near $84. Most other major coins lost ground.
Ethereum dropped around 1% to just above $2,440. Solana fell a similar amount to near $104. XRP held just under $1.40, while BNB sat near $693.
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