Crypto Market Selloff Continues: September Curse Strikes Again?

The month of September has historically been tough for financial markets, and this year is no exception. The crypto market, including Bitcoin, Ethereum, Solana, and Dogecoin, has seen a significant drop in value over the past 24 hours, with $361 million in positions liquidated, according to CoinGlass data.

Dogecoin co-founder Billy Markus, who goes by Shibetoshi Nakamoto on X, reacted to the market's decline with a tongue-in-cheek comment: 'September starting great as always.'

This observation is not surprising given September's reputation for being a poor month for financial markets. In fact, it has been Bitcoin's worst-performing month on average since 2013, producing a loss of around 3% and only five positive monthly returns.

The start of September is particularly sensitive for traders, who are watching for clues on whether the bearish narrative may flip or hold.