Cryptocurrency Market Plunges as 'Rektember' Begins

The cryptocurrency market started September on a sour note, with many assets trading in the red. Dogecoin co-founder Billy Markus, who goes by Shibetoshi Nakamoto on X, poked fun at the situation with a tongue-in-cheek comment.

'September starting great as always,' Markus wrote alongside a screenshot showing several assets, including the S&P 500 and cryptocurrencies like Bitcoin, Ethereum, Solana, and Dogecoin in red.

Historically, September has been a poor month for financial markets. Since 2013, it has produced a loss of around 3% for Bitcoin on average, with only five positive monthly returns.

September is also referred to as 'Rektember' due to its negative performance in traditional markets since 1975. The S&P 500 saw an average return of -1.04% during this month.