According to ChainCatcher, Coindesk reported that the price of Bitcoin fell to around $57,500, a seven-day drop of more than 10%. This trend is consistent with the overall downward trend of the cryptocurrency market, and is also in line with the historical pattern that Bitcoin usually performs weakly in September.
Innokenty Isers, founder of cryptocurrency exchange Paybis, said that historical data shows that Bitcoin depreciates by an average of 6.56% in September. However, he also pointed out that if the Federal Reserve cuts interest rates in September, it may change this negative trend, because interest rate cuts usually lead to excessive liquidity of the US dollar, thereby strengthening Bitcoin's position as a means of storing value.
Although September is generally seen as a weak month for Bitcoin, Isers believes that September this year may perform relatively well considering factors such as macroeconomic indicators, the adoption of spot Bitcoin ETFs, and favorable computing power.
