Bitcoin logged price losses once again for the crypto asset’s fifth consecutive September in its lifetime, but as soon as the month ended, billions of dollars came back into the crypto economy. Metrics show that while September has consistently been a bad month for bitcoin, October, on the other hand, has traditionally been a good month for bitcoin since 2013.
Bitcoin Has Been Profitable in October 77% of the Time
In 2020, the price of bitcoin (BTC) closed the month of September at around $10,750 per unit but the following month, BTC spiked 25% to roughly $13,450 per unit. This year, September has been dreary price-wise, and many crypto proponents have asked to be woken up when “September ends.” On September 26, Civic co-founder Vinny Lingham wrote: “This feels like September 2017 again… Who remembers what happened next?”
On October 1, 2021, BTC surged from $43,500 per unit to Friday’s high of $48,500 per BTC. That’s an increase of around 11.49% and the spike happened very quickly at around 3 a.m. (EST) in the morning.
Prior to July and August, BTC saw roughly three months of negative returns, and in September prices once again slipped into the negative range. The downward drop was blamed on China cracking down on bitcoin (BTC) and cryptocurrency exchange for the seventh time since 2013.
Bitcoin also saw losses on the day El Salvador adopted the cryptocurrency as legal tender and furthermore, BTC slid when the Evergrande real estate crisis shook the global economy.
While September Was Sluggish, Institutional Bitcoin Products Saw Some Upside
All of these dips took place after BTC reached a high of
