Bitcoin Faced Massive Selling Pressure In September – Biggest Selling Pressure Since March
It’s been revealed that back in September, Bitcoin witnessed its biggest decline since March – analysts saw the biggest selling pressure.
Now, the crypto market looks pretty bloody, and most of the digital assets are trading in the red.
Bitcoin faced the biggest selling pressure in September
Bitcoin faced selling pressure back in September as the US dollar rose against the most important currencies for the very first time in six months.
CoinDesk notes that Bitcoin fell by more than 7% over the period, and this was the biggest monthly percentage decline since March.
CoinDesk’s Bitcoin Price Index also noted that back in March, prices fell by almost 25% “as the coronavirus-induced crash in the global equity markets triggered a global dash for cash, sending the dollar higher,” the online publication noted.
Bitcoin’s latest monthly decline is accompanied by an uptick in greenback
It’s been also reported that Bitcoin’s latest monthly decline is again accompanied by an uptick in the greenback.
The Dollar Index (DXY) is tracking the greenback’s value against majors, and it seems that it gained almost 1.8% in September – this is the first monthly rise since March.
“BTC seems to be sensitive to a stronger dollar in the short term,” Mike Alfred, CEO of Digital Assets Data, told CoinDesk.
The same online publication also noted that Bitcoin has moved in the opposite direction to the DXY since the coronavirus crisis strongly hit the markets back in March.
Bitcoin active addresses hit 1 million
Bitcoin’s fundamentals continue to show signs of strength.
According to the on-chain data provider Coin Metrics, the number of BTC active addresses has surged to a level that has not been seen in over two years., says the online publication the Daily Hodl.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.