Here’s what happened to the Bitcoin price in September

Many cryptocurrencies lost ground in September.
The post Here’s what happened to the Bitcoin price in September appeared first on The Motley Fool Australia. –

Bitcoin (CRYTPO: BTC) investors were holding on through another volatile month in September.

That kind of volatility remains par for the course, even for the world’s first and still biggest crypto by market cap.

How did the Bitcoin price move in September?

To give you an idea of the price swings, on 7 September Bitcoin was trading for US$52,700. By 22 September, it had tanked to US$40,600, a loss of 23% in 15 days, according to data from CoinMarketCap.

For cryptocurrency investors who held on throughout the month, the outcome wasn’t quite that bad.

Bitcoin kicked off September trading for US$47,150. On 30 September it was worth US$43,450, down 8% for the month.

What moved the price over the month?

There were a number of factors both pushing and pulling on the Bitcoin price in September.

Enthusiasm was high around El Salvador’s official launch of its crypto trading platform, Chivo, part of the move that makes the digital token legal tender in the Central American nation.

However, glitches in Chivo when it was rolled out on 8 September promptly saw the Bitcoin price crater by 11% on the day. Those glitches have since been fixed, and you can now buy your Big Mac in El Salvador with however many Satoshis it costs.

(You can split your Bitcoin into 100 million Satoshis.)

September also revealed a surprising shift in the makeup and number of Aussies investing in (or planning to invest) in cryptos. Inflation concerns were among the top reasons that respondents gave in the CoinSpot survey.

We also learned in September that cryptos are far from immune from the forces that impact share markets. Like the massive debt woes of Chinese property giant China Evergrande Group (HKG: 3333).

News that Evergrande could collapse, leaving debt holders out many tens of millions of dollars, roiled global share markets. That news also saw the price of Bitcoin tank 8% on 21 September.

“Quite often there is negative news out of China and we see this impact the price of Bitcoin to varying degrees, and the fallout from Evergrande is following a similar pattern,” said Jonathon Miller, managing director of Australian cryptocurrency exchange Kraken.

October, if you’re wondering, has been a better month for the token. Currently trading at US$51,560, it’s up 19% so far this month. Of course, those gains can evaporate as quickly, or faster, than they materialise.

Invest with care.

The post Here’s what happened to the Bitcoin price in September appeared first on The Motley Fool Australia.

Should you invest $1,000 in Bitcoin right now?

Before you consider Bitcoin, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Bitcoin wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

How these top 3 cryptos performed in the first quarter of FY22

What’s driving the Bitcoin price surge?

Why the Ethereum (CRYPTO:ETH) price is trouncing Bitcoin’s gains
Why inflation angst is driving more Aussie investors to Bitcoin

Will Ethereum overtake Bitcoin?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!