Bitcoin has suffered heavy losses along with most of the crypto market following the flash crash that happened on El Salvador’s “Bitcoin Day”. The digital asset has been trying to recover from this loss since it occurred two days ago on September 7th. Part of the cause of the crash has been attributed to a “buy the rumor, sell the news” event triggered by the adoption of bitcoin by El Salvador. But the charts show another factor that led to the crash. Related Reading | Standard Chartered Takes Bullish Stand On Ethereum, Puts Price At $35,000 If anything, the official implementation of bitcoin as a legal tender in El Salvador had bad timing for the market. Historically, September has not been the best of months when it comes to cryptocurrencies. Countless analyses had pointed to an impending crash after the market had rallied in August. The month of September has always been one of low momentum and it looks like even news as big as bitcoin being accepted as a legal currency by a sovereign nation would not be enough to change this. The Curse Of September September has always shown very similar, almost identical, movements in bitcoin price. A look at bitcoin charts shows that the month has usually started out with a crash in price. Thus leading to the “September curse.” The crashes have always led to at least a 17% loss in value. Marking the start of a low momentum month as the price struggles to regain its footing in the ma...
