Bitcoin 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%. 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."

"BTC shed 1.2% in the past 24 hours, with majors solana (SOL), BNB Chain's BNB, xrp (XRP) and Cardano's ADA falling as much as 3%. Dogecoin (DOGE) lost 5% to lead losses among the largest cryptocurrencies... the broad-based CoinDesk 20 Index (CD20), a liquid fund tracking the largest tokens, fell 1.88%."

Read at Coindesk