Bitcoin fell to monthly low while several cryptocurrencies nursed losses
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Amid a wider retreat from riskier investments on global markets due to fears about the economic outlook, Bitcoin consequently tumbled to a one-month low, with other major cryptocurrencies sustaining losses.Satoshi Tells NBA Legend Pippen That Bitcoin Is Going to $84K...in His DreamAt the time of writing, several cryptocurrencies were trading in the red. XRP, Shiba Inu and Cardano were nursing losses of 2.79%, 2.64% and 1.79%, respectively.
The aggregate open interest — or outstanding contracts — for CME Bitcoin futures has fallen to its lowest level since May, signaling market concern. Meanwhile, U.S. Bitcoin exchange-traded funds have experienced the longest period of net outflows since June, according to If history is any guide, the short-term outlook remains challenging. September is traditionally considered a gloomy month for cryptocurrencies. According to historical statistics, Bitcoin has had an average September loss of value of 8% during the last five years, ending in 2023.
The Fed's next meeting is scheduled for later this month, when it will release its latest rate decision. Markets are broadly pricing in a rate drop from the central bank, but traders are divided on how significant the cut will be.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.
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