Bitcoin investors may be in for a rollercoaster ride. While history shows September is typically a bumpy month for Bitcoin, two ETF analysts have suggested investors turn their gaze to mid-October as the next “major days to watch.”
According to historical data, Bitcoin’s monthly returns have closed in the red at the end of September nine times over the course of the last 13 years.
Popular crypto analyst Will Clemente informed his 689,000 X followers that September has had the “least number of positive-returning months” and is on a six-year negative-returning streak.
Bitcoin’s returns broken down by months
September has had the least number of positive-returning months at just two and is on a 6-year negative-returning streak. pic.twitter.com/4VqZkMubm3
There are a number of other factors that point to a bumpy road ahead in September as well, with monitoring resource Material Indicators warning that a “full retrace” of gains made the wake of Grayscale’s victory over the SEC was a likely course of action for the largest cryptocurrency moving forward.
TLDR: Trend Precognition signals ⬇️ on the D chart Prepare to round trip the range BTC >$27,760 invalidates the signal BTC #Bearadise
Looking ahead, however, Bloomberg ETF analyst James Seyffart has urged investors to look to mid-October, which is the second decision deadline for the SEC for seven pending spot Bitcoin ETFs — specifically ones from BlackRock, Bitwise, Valkyrie, WisdomTree, VanEck, iShares and Invesco.
NEXT DATES TO WATCH:
Middle of October are the next major days to watch. Namely October 16th. (& @GlobalXETFs‘ Oct 7)
Also, reminder that we fully expected delays on this round of spot #Bitcoin ETF filings. Would have been a shock if they were approved this week. pic.twitter.com/i14fg8FWun
On Aug. 30, Seyffart and fellow Bloomberg ETF analyst Eric Balchunas pinned the chances of a spot Bitcoin ETF approval by the end of this year at 75%. The mid-October dates would be the last deadline for the SEC, at least in 2023.
Additionally, Seyffart noted that delays on the most recent round of spot Bitcoin ETF filings were widely expected and that he would’ve been shocked if they were approved in the first round of deadlines this past week.
After surging briefly on the Grayscale news, the price of Bitcoin has since fallen 4.5% over 24 hours and, at time of writing, was changing hands for $26,066, according to data from CoinGecko.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.