Crypto News: Bitcoin's September Turmoil & SEC Battles

“Cryptocurrencies are the embodiment of change, challenging the foundations of finance.” -Marc Andreessen This quote highlights the dynamic nature of the crypto world, making it challenging to predict future developments. Each change brings innovations that reshape the financial landscape, along with breaking news, controversies, crises, and legal battles. Coin Informer is committed to keeping you informed about these exclusive crypto updates.

So, without further delay, let’s discuss some of the biggest breaking news from August 27th to 29th.

TL;DR

Bitcoin is facing a potential price plunge in September, historically a challenging month for the cryptocurrency. Additionally, the SEC is engaged in legal battles that could impact the crypto landscape significantly.

Key Takeaways

Bitcoin has historically dropped 8.5% on average every September since 2017.
Jerome Powell's speech at the Jackson Hole Symposium raises concerns about potential interest rate hikes.
The SEC is involved in a legal battle with Impact Theory, which recently settled for $6 million.
A mysterious withdrawal of 16 trillion Pepe tokens has been traced back to rogue developers.
Ben Armstrong's unexpected ousting from his company has shocked the crypto community.

Foreseeing Bitcoin’s Most Significant Impending September Price Plunge Since 2013

Bitcoin has experienced significant fluctuations this year. Early 2023 was relatively stable, but a sudden drop in August sent shockwaves through the market. Historically, September has been a challenging month for Bitcoin, with an average drop of 8.5% since 2017.

Image. 1: Bitcoin Monthly Returns (Screenshot), Source: CoinGlass

Why is September a Historically Bad Month for Bitcoin?

There is no definitive reason for September's poor performance, but many attribute it to the 'September Effect,' where markets tend to become bearish. This trend has persisted since 2014, leading to significant dips in Bitcoin's price. However, these dips often precede growth in the following months.

Jerome Powell’s Jackson Symposium Speech: Could It Spell Trouble for Bitcoin?

Experts predict that September could be particularly challenging for Bitcoin, potentially leading to its lowest price in years. Jerome Powell's recent speech indicated that inflation remains high, and the Federal Reserve may raise interest rates again. This has caused concern among crypto investors regarding the market's future.

An Ultimate Faceoff Between SEC and Impact Theory & More Legal Battles in September

The SEC is frequently in the news due to its legal battles with various crypto exchanges and leaders. Recently, the SEC engaged in a legal battle with Impact Theory, a media and entertainment company that raised $30 million through NFTs. The case concluded with a $6 million fine imposed on Impact Theory.

Image. 2: SEC’s September Calendar for Crypto Related Cases, Source: Bloomberg Intelligence

An End to the Mystery of Pepe Coin’s Unauthorized Withdrawal of 16 trillion Tokens

On August 24th, 2023, the Pepe coin community was shocked by the unauthorized withdrawal of 16 trillion tokens, valued at $16 million. Investigations revealed that rogue developers were responsible for this incident, leading to a significant drop in Pepe coin prices.

Ben Armstrong Ousted from Own Company, Sending Crypto Community into Disbelief

Ben Armstrong, known for his YouTube channel 'BitBoy Crypto,' announced his departure from the company on August 28th, 2023. His ousting, attributed to an internal coup, has raised numerous questions within the crypto community, though the reasons remain unclear.

Stay Tuned for More

These updates reflect the ever-changing nature of the crypto world, where significant events occur frequently. Coin Informer is dedicated to keeping you informed about the latest developments in the crypto landscape. Stay tuned for more breaking news.