Bitcoin (BTC) Drops Toward $57.5K, Extends Weekly Loss to 10% at Start of Seasonally Bearish September

“September
is
a
historically
negative
month
for
Bitcoin,
as
data
shows
it
has
an
average
value
depletion
rate
of
6.56%,”
Innokenty
Isers,
founder
of
crypto
exchange
Paybis,
said
in
a
Monday
email.
“Should
the
Feds
cut
the
interest
rate
in
September,
it
might
help
Bitcoin
re-write
its
negative
history
as
rate
cuts
generally
lead
to
excessive
US
dollar
flow
in
the
economy
–
further
strengthening
the
outlook
of
bitcoin
as
a
store
of
value.”