The crypto market staged a strong rebound in August 2024 after a sharp 13.1% drop earlier in the month. Initial losses were driven by global economic uncertainty, including weak U.S. job data and a surprise rate hike by the Bank of Japan. However, optimism returned as expectations grew for a U.S. Federal Reserve rate cut, coupled with stronger-than-expected GDP figures.

Key sectors like NFTs and DeFi led the recovery. Projects such as Sui and Symbiotic saw notable growth, with Suiโ€™s Total Value Locked (TVL) increasing by over 35%, driven by new developments like the Grayscale Sui Trust. Symbiotic also gained traction, expanding its TVL by 38%.

Institutional interest added further momentum, with U.S. spot Bitcoin ETFs receiving more than $190 million in inflows. The combination of improving macroeconomic sentiment, sector-specific gains, and institutional support helped restore market confidence and set the stage for a more optimistic outlook moving forward.

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