Bitcoin Shatters September Curse with Strongest Month Since 2012
Bitcoin is defying its typical September slump, recording its strongest performance in the month since 2012. According to historical data, Bitcoin has gained roughly 10% since the beginning of September, with its current advance at approximately 10.1%. This marks a significant milestone for the cryptocurrency, as September has historically been one of its weakest calendar months.
In fact, Bitcoin recorded negative September returns in six consecutive years between 2017 and 2022. However, this year's gain is substantially larger than any previous September performance, with Bitcoin gaining roughly 13.1% in September 2012. The cryptocurrency has now broken its September curse, recording two positive Septembers in a row.
Bitcoin's current surge can be attributed to its powerful recovery over the past several days. In just seven days, Bitcoin has gained about 13.8%, while over the past 30 days it has risen by 11.6%. The cryptocurrency recently surged above $87,000, reaching its highest level since January, accompanied by renewed inflows into U.S. spot Bitcoin exchange-traded funds and a substantial derivatives short squeeze.