Analysis: Crypto Markets Fall Due to Multiple Factors, Such as the 'September Effect'
On August 28th, BTC Markets crypto analyst Rachael Lucas stated: "The decline in the crypto market today is not due to a single catalyst, but seems to be a combination of multiple factors. Technical indicators show that the US dollar index (DXY) is oversold on the daily chart, which may indicate a rebound in the dollar, traditionally leading to downward pressure on risk assets such as cryptocurrencies."
Lucas added that seasonal factors may be related to the market downturn. The "September effect" typically leads to poor market performance, due to portfolio rebalancing, tax loss harvesting, and increased caution before the US election.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
New York man to pay $36 million for forex and crypto fraud
Cryptocurrency Statement from Visa: “The Future Will Be Different”
Visa's cryptocurrency manager, Cuy Sheffield, spoke about the future of the industry in his statement. Here are the details.
Will Altcoin Season Begin? Analytics Company Gives Its Opinion
Is there a possibility of a rally on the altcoin side after the FED makes a big interest rate cut? The analysis company shared.
Michael Saylor’s Bitcoin Claim Dropped Like a Bomb: “According to Credible Rumors…”
MicroStrategy board chairman Michael Saylor touched on a Bitcoin claim in his statement.
Trending news
MoreCrypto prices
More
