5 Rebounding Cryptocurrencies to Buy in August

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1. Bitcoin USD (CCC:BTC-USD)

Bitcoin USD (CCC:BTC-USD) is the biggest cryptocurrency in the world in terms of market capitalization as of August 13.

Since the market meltdown in June, the price of Bitcoin USD (CCC:BTC-USD) has recovered 30%, and experts believe that the cryptocurrency has seen its bottom in this bear market cycle. The positive CPI data has also acted as a catalyst. Many observers think that Bitcoin USD (CCC:BTC-USD) is currently benefiting from the rally in the equity markets.

President and CEO of Franklin Templeton, Jenny Johnson, believes that Bitcoin USD (CCC:BTC-USD) is the best distraction during the current economic downturn. Investors are considering Bitcoin USD (CCC:BTC-USD) as a hedge against inflation and a safe-haven asset like gold. The cryptocurrency world received a major boost when BlackRock, Inc. (NYSE:BLK) reached an agreement with Coinbase to provide crypto trading and other facilities to institutional investors. Bitcoin USD (CCC:BTC-USD) is up 6.96% for the week.

You can also take a peek at 8 Restaurant Stocks to Avoid as Americans Begin to Cut Spending and 10 Best Cyclical Stocks for Inflation.

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