September is traditionally the worst month for BTC since 2013 – Cryptospacey
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If historical data is anything to go by, the value of Bitcoin (BTC) could fall further this September, which has been the crypto asset’s worst month since 2013.
The data there reveals that the value of the flagship digital asset has increased in just two Septembers between 2013 and 2021, which had been in 2015 and 2016. Outside of those two, BTC has recorded an average drop of 6% within a month.
Meanwhile, September’s impact isn’t peculiar to BTC alone. In addition, the S&P 500 has been in a bear market for most of September since 1928.
From 1928 to today, the S&P 500 index fell by an average of 1.1 percent in September. Experts claim that the market’s final decline in September is due to the behavior of traders.
According to Elena Dure, most traders exit their market positions often in September to lock in their good points and even their tax losses as the year draws deeper.
There is also the next price for the liquidation of the property, when the higher education institutions start to resume in September and money is needed to pay the prices of the faculty.
Given how the value of BTC has largely mirrored the performance of the S&P due to the pandemic, it won’t be entirely surprising if the value of BTC falls further this month.
Will this September slow down development?
While many traders need Bitcoin’s value to return to previous highs, the potential for a purple September has already materialized after the asset posted all of its upside over the previous few months in the final days of August.
After weeks of buying and selling hovering between $20,000 and many analysts suggesting that the value may be bottoming out, BTC has fallen below $20,000. In the last 24 hours, the value of the cryptocurrency fell by 1.4% and 2.2% on seven-day measures.
This year alone, the value of Bitcoin has fallen by about 59 percent.
The probability that September 2022 will be an unusual month, like 2015 and 2016, may be minimal if the situations resulting from the decrease in the value of assets continue.
Federal Reserve Chairman Jerome Powell warned that the US financial system would face additional “pain” as officials struggle to control rising inflation.
The claim has led many experts to predict that the FOMC may raise interest rates further in September.
In addition, the US Labor Division revealed that unemployment rose to 3.7 percent – the best since February – in another indication of the struggles in the US financial system.
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