Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Bitcoin dropped nearly 1.2% to around $57,500, with cryptocurrencies like solana and dogecoin seeing losses up to 5% on the Labor Day holiday in the U.S.
Market analysis suggests a bearish trend for September historically, some traders noted, with bitcoin seeing a monthly decline of 6% on average.slumped to near $57,500 on Monday, extending its seven-day drop to over 10%, with the broader crypto market falling in tandem.U.S.-listed exchange-traded funds tracking BTC posted total net outflows of $175 million on Friday, extending a losing streak to four days.
“September is a historically negative month for Bitcoin, as data shows it has an average value depletion rate of 6.56%,” Innokenty Isers, founder of crypto exchange Paybis, said in a Monday email. “Should the Feds cut the interest rate in September, it might help Bitcoin re-write its negative history as rate cuts generally lead to excessive US dollar flow in the economy – further strengthening the outlook of bitcoin as a store of value.
Seasonality is the tendency of assets to experience regular and predictable changes that recur during the calendar year. While it may look random, possible reasons range from profit-taking around tax season in April and May, which causes drawdowns, to the generally bullish “Santa Claus” rally in December, a sign of increased demand.
“Overall, the macroeconomic indices, spot Bitcoin ETF adoption, and favorable hashrate might make September a relatively better month for BTC this quarter,” Isers wrote.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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