Bitcoin's Price Holds Steady at $58.5K: Will September's Bearish Trend Continue?

Latest Prices

• CoinDesk 20 Index: 1,843.91 +0.88%
• Bitcoin (BTC): $58,458 +0.67%
• Ether (ETH): $2,519 +1.89%
• Nikkei 225: 38,700.87 +0.14%

Market Overview

Bitcoin is currently fluctuating around the $58,600 mark, approximately 1% higher in the last 24 hours. The overall digital asset market has seen a 0.9% increase, with ETH and SOL rising by 1.9% and 0.5%, respectively. Interestingly, U.S.-listed exchange-traded funds (ETFs) tracking BTC have experienced total net outflows of $175 million on Friday, marking a four-day losing streak. In contrast, Ether ETFs recorded no net inflows or outflows, despite a trading volume of $173 million.

Historical Context of September

Traders are cautious as September is typically one of Bitcoin's most bearish months, with an average value depletion rate of 6.56%. However, some believe that an interest-rate cut by the Fed could potentially change this trend. Innokenty Isers, founder of crypto exchange Paybis, commented, "Should the Feds cut the interest rate in September, it might help bitcoin rewrite its negative history as rate cuts generally lead to excessive US dollar flow in the economy – further strengthening the outlook of bitcoin as a store of value."

Political Influences

On another note, Polymarket traders are favoring Republican candidate Donald Trump, with his odds climbing back over 50% while Democrat Kamala Harris dropped to 47%. Traders have placed $99 million in on-chain bets on Trump's victory. Trump's odds have improved as he promotes a forthcoming decentralized finance project that could offer high yields for crypto users.

Chart of the Day

The chart illustrates that bitcoin miners' revenue fell in August to the lowest level since September 2023. This decline coincided with an increase in bitcoin mining difficulty and a decrease in the number of BTC mined. This situation highlights the challenges miners face in adapting to the post-halving world.

Source: Bitbo