With losses in the first few hours of trade on September 1, Bitcoin, the largest cryptocurrency by market capitalization, seems to be starting the new month of September in the red. At the time of writing, BTC has decreased by 4.60% to $25,998 over the previous day.
On the first day of September, the bulk of cryptocurrencies are also down, with some down as much as 7%. Data from Coinglass shows that $129 million worth of cryptocurrency was liquidated in the past day.
The price movement of bitcoin at the beginning of September is not totally unexpected. Will Clemente, a crypto analyst, noted that September is on a six-year negative return skid and has had the fewest positive-returning months, with only two.
The monthly returns chart for Bitcoin shows that since 2016, BTC has seen six “negative Septembers” in a row. The biggest loss throughout these six years was in 2019, at 13.47%, while the smallest loss was in 2022, at 3.12%.
But given that the cryptocurrency market never ceases to surprise, previous precedent might not be able to forecast present results. Given that September has just begun, it could be challenging to analyse the price movement of Bitcoin using a single day’s performance.
This September, Bitcoin could decide to buck the negative trend and close in the green for the first time in six years. Therefore, traders should keep an eye out for positive fundamental developments to gauge the price movement of Bitcoin.
No news expected for Bitcoin ETF in September
Just days after the historic Grayscale triumph, the U.S. Securities and Exchange Commission disappointed supporters by delaying a decision on whether to approve the first U.S. exchange-traded fund that invests directly in Bitcoin once again.
On Tuesday, a federal appeals court overturned the SEC’s denial of Grayscale Investments’ request to convert its Bitcoin trust into an ETF, giving Grayscale Investments a significant victory over the agency.
The SEC postponed the reports from Bitwise, VanEck, Invesco, Valkyrie, and BlackRock until Thursday, according to Bloomberg.
James Seyffart, a Bloomberg analyst who often updates on Bitcoin spot ETFs, stated that the next important dates to monitor would be October’s middle, particularly October 16. This is important since recent BTC price movements may have been influenced by reports of Bitcoin ETFs.
