What’s going on guys? It is Friday, October 1 and so, welcome friends to October. With this month, we begin the best three-month stretch of the year. No, that is not up for debate. Yes, it is definitive. Yes, it is scientific. And no, I’m not talking about bitcoin. But historically, yes, I’m also talking about bitcoin. The past few weeks, we’ve talked about why September has historically been a bad month for bitcoin. And there’s a lot of theories. And it’s not just bitcoin, it’s for markets in general. Some people point to back to school, many people point to investors coming off the thin liquidity months of the summer, who have made decisions to close down positions, but wanted to wait until the fall to actually do so. There’s also a belief that with more financial institutions, such as mutual funds having their fiscal year close at the end of September, they’re rebalancing, tax loss harvesting, etc. And so the point is that there’s just a lot of selling pressure in September, historically speaking, and this plays out in the numbers, it’s in the numbers for both bitcoin, and in the case of the stock market that goes all the way back to the 50s. Although it seems arbitrary, it played out again, bitcoin was down 12% in the month of September, and Ethereum was down 23%. But, lo and behold, get out of the way September, it is now time for mighty mighty October.
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October 02, 2021 at 02:35AM
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Bitcoin, Ethereum, Crypto News and Price Data - CoinDesk
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