On August 28th, BTC Markets crypto analyst Rachael Lucas stated: "The decline in the crypto market today is not due to a single catalyst, but seems to be a combination of multiple factors. Technical indicators show that the US dollar index (DXY) is oversold on the daily chart, which may indicate a rebound in the dollar, traditionally leading to downward pressure on risk assets such as cryptocurrencies."

Lucas added that seasonal factors may be related to the market downturn. The "September effect" typically leads to poor market performance, due to portfolio rebalancing, tax loss harvesting, and increased caution before the US election.