Bitcoin is poised to end August on a down beat despite the crypto industry scoring a milestone win on the regulation front. The cryptocurrency could be mired in a range during September, market participants say. The cryptocurrency is on pace for a 10% decline this month, according to Coin Metrics. Bitcoin recently jumped 7% after a federal appeals court sided with Grayscale over the Securities and Exchange Commission in a key crypto ETF case.
Bitcoin has been drifting between $25,000 and $30,000 since the banking crisis fueled a rally in March , with brief moves above $30,000 that have failed to hold. Although individual regulatory developments have served as upward baby steps, the overall lack of regulatory certainty continues to hold the market back.