The overall crypto market opened on the first day of September on a bearish note as the large-cap cryptocurrencies are mostly trading red. For instance, Bitcoin the firstborn currency is shifting between $19,000 and $20,000 while Ethereum is just maintaining above $15,000. In the last 30 days, the first two largest cryptocurrencies by market cap have lost 13% and 6% respectively.
Furthermore, the global crypto market cap has fallen below $1 trillion and lost 1.30% in the last 24 hours to a trade of $973.25 billion.
Meanwhile the industry experts are of the belief that the month of September is going to be a rough ride for digital currencies. As per the reports by Bloomberg, even in the previous times, the month of September hasn’t been that great for Bitcoin, especially since 2017.
According to reports, in the past 5 years, Bitcoin has lost around 8.5% and even Ethereum has suffered losses during the same time frame. The cost of ETH has only increased by 25%, as it usually decreases in double digits. The most anticipated ETH merger is due to happen earlier this month.
Bearish Days Ahead
When the reports are looked into closely it suggests that there are bearish days ahead and investors could witness bumpy days. Till now as the crypto market has followed that of stock, the month of September could be challenging.
So far the year 2022 has seen bitcoin trading mostly based on Federal Reserve and central bank interest rate hikes, but this momentum was deemed necessary to contain rising inflation rates.
While the price of Bitcoin fell by more than 60% this year, Ethereum achieved a rise in recent weeks. The valuation of ETH has recently increased in expectation of the merger.
