First Mover Americas: Bitcoin to Post Sixth Straight September Loss, but LINK and UNI Manage Gains

• Price Point: September has been a historically bad month for bitcoin, which posted losses for the last five years. Is October’s record better?
• Market Moves: Bitcoin’s bullish seasonality might be muddled by the continued slide in the USD Liquidity Index.
• Chart of the Day: Cryptocurrency exchange Coinbase’s stock (COIN) debuted on Nasdaq in April 2021. Since then, the share price has been in a steady downtrend.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Price Point

Bitcoin (BTC) was trading flat on the day after a choppy week of price movement. The world’s largest cryptocurrency by market value has traded in a range of $18,500-$20,380 over the week. After a painful week for both equities and government bonds, both markets posted modest gains.

Historically, September has been a bad month for bitcoin, with the crypto showing negative returns in each of the last five years. The string continued in 2022, with bitcoin lower by 2.95% for the month at press time. October, however, has a better historical record, with bitcoin posting gains in seven of the last nine years.

• Cryptocurrency exchange Coinbase’s stock (COIN) debuted on Nasdaq in April 2021. Since then, the share price has been in a steady downtrend.
• Recently, a bear flag has emerged on COIN’s daily price chart, hinting at a potential move lower.
• «We remain cautious of the bear flag in COIN,» Rob Ginsberg, senior analyst at Wolfe Research, said in a technical analysis note to clients. «A breakdown through channel support seems more than likely.»

Latest Headlines

• Cryptocurrencies XRP, MKR Shine as BTC, ETH Hold Steady Ahead of US Inflation Figure:XRP climbed above its 200-day moving average while MKR hit a three-week high. A higher-than-expected figure for core PCE, the Fed’s preferred measure of inflation, may inject volatility into markets.
• Elon Musk Was Mulling Creating a Blockchain-Based Social Media Firm Before Offering to Buy Twitter: A series of text messages released as part of ongoing litigation over the failed Twitter deal reveal the billionaire’s vision for a social media platform that would charge users to put short messages on a blockchain.
• MicroStrategy Looks to Hire Software Engineer for Building Bitcoin Lightning Network Infrastructure: The new hire will also been tasked with designing decentralized finance (DeFi) technologies.
• Crypto Loans Are Booming in Latin America Amid Runaway Bank Rates and Inflation: The traditional banking system and economic instability are making it difficult for Latin Americans to get credit, but crypto lending is thriving across the region.

Source