This article examines current and historical Bitcoin price trends and issues with exchange-traded funds.
Bitcoin's August Performance
Despite recovering from an early August crash, Bitcoin ended the month down 8.74%. Peter Schiff noted on social media that all of Bitcoin's gains for the year occurred within the first two months.
Historical September Trends
September has historically been a tough month for Bitcoin. In 2019, the cryptocurrency dropped by 13.91%, and in 2014, by 19.31%. However, the expected interest rate cut by the U.S. Federal Reserve may positively influence Bitcoin's performance this September.
Bitcoin ETF Issues
Recent trends show a decline in interest in Bitcoin exchange-traded funds (ETFs). Last week, Bitcoin ETFs saw outflows totaling $277 million. BlackRock’s iShares Bitcoin Trust (IBIT) experienced its second day of outflows last week.
Comparing Bitcoin to traditional assets like gold and observing current ETF trends provide insights into the current challenges faced by the cryptocurrency.
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