Bitcoin ended August with a decline after the sharp rise in July.
Coming September is considered one of the worst months of the year. Jim Cramer urged investors to stay away from cryptocurrencies.
JPMorgan is advising investors to sell crypto assets. Tether denied the WSJ's claim that USDT reserves are unreliable.
Bitcoin ended August down 15.2%, around $20,200, after the best July in nearly a year. BTC has been down for four of the past five months.
In terms of seasonality, September is considered one of the worst months of the year. Over the past 11 years, bitcoin has ended this month up only three times and down eight times. The average decline was 14% and the average rise was 11%. In the first case, BTC could end September around $17,400, updating the lows of June. In the second, it could be around $22,400.
CNBC's Mad Money host Jim Cramer urged investors to stay away from speculative assets, including cryptocurrencies, as the U.S. Federal Reserve will continue to tighten monetary policy. In his opinion, BTC is no longer an asset to hedge inflation and preserve savings.
Investors should sell cryptocurrencies and avoid large-cap tech stocks until the U.S. Federal Reserve develops a plan to resolve the economic crisis, according to JPMorgan Bank.
The U.S. Securities and Exchange Commission (SEC) warned of an increase in the number of cryptocurrency scammers looking for potential victims in social networks.
The Tether stablecoin team refuted the Wall Street Journal's claim that USDT reserves are unreliable, saying that the stablecoin's peg to the U.S. dollar is quite reliable.
Ethereum co-founder Vitalik Buterin said that in a month he will release a unique book called "Proof of Stake," which will compile all of his articles and notes from the past ten years.