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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.

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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.

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