DigitalX Limited (ASX:DCC) has released its monthly update for August 2024, reporting a decrease in the DigitalX Bitcoin Fund by 13.8% and the DigitalX Fund by 18.7%. The company's digital asset holdings underperformed both the S&P Cryptocurrency Top 10 Equal Weight Index and other traditional indices such as the All Ordinaries Index and gold AUD.
The digital asset market experienced a challenging month, with Bitcoin prices dropping below US$50,000 before recovering to approximately US$59,000. Global digital asset investment products saw net outflows of US$305 million, and the reduced likelihood of a 50-basis point interest rate cut in the September FOMC meeting, the yen carry trade unwind, and rising tensions in the Middle East contributed to widespread negative sentiment.
DigitalX (ASX:DCC) reported a decrease in its Bitcoin and digital asset funds for August 2024, underperforming the S&P Cryptocurrency Top 10 Equal Weight Index. The company highlighted the challenges faced by the digital asset market, including the steep decline in Bitcoin prices and global outflows in digital asset investment products. Despite the difficulties, DigitalX remains focused on growing the blockchain economy through its digital asset funds management business, digital fintech and regtech products, and blockchain ventures.