{{articledata.title}}

%Bitcoin (CRYPTO: $BTC ) is currently trading at $59,500 U.S., down 10% for the month of August amid an ongoing slump for the entire cryptocurrency sector.

The price of Bitcoin, the largest cryptocurrency by market capitalization, has largely been rangebound following a halving event that took place in April of this year.

Since the halving event reduced the available supply of Bitcoin, and the rewards for mining it, by 50%, the cryptocurrency has largely traded in a range of $55,000 U.S. to $65,000 U.S.

The rangebound activity comes amid a persistent slump for the entire crypto market that has persisted since the spring.

%Ethereum (CRYPTO: $ETH ), the second biggest cryptocurrency, has seen its price decline 24% in August to trade at $2,500 U.S. per digital token.

Smaller cryptocurrencies such as %Cardano (CRYPTO: $ADA ) and %Solana (CRYPTO: $SOL ) are ending August down more than 12% each.

The current downdraft is a sharp reversal from the year’s first quarter when cryptocurrency prices rose sharply as spot Bitcoin exchange-traded funds (ETFs) were approved in the U.S.

Bitcoin’s price hit an all-time high of just under $74,000 U.S. in March of this year ahead of the April halving event.

More recently, spot Ethereum ETFs were approved for trading on U.S. exchanges. However, that event has done little to revive the crypto market and has actually sparked a selloff in ETH.

Analysts cite risk avoidance on the part of investors, as well as overseas liquidations, as some of the reasons for the continued slump in crypto prices.

However, many analysts are forecasting a rebound for crypto in the year’s fourth quarter as the U.S. Federal Reserve lowers interest rates, a move that could lift investors’ risk appetite.