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The US Securities and Exchange Commission approved 11 Bitcoin exchange-traded funds on January 10, 2024. “Investors should be aware of the multiple risks associated with Bitcoin and products whose value is based on cryptocurrencies,” said SEC Chairman Gary Gensler.

Despite the strong returns that Bitcoin has seen since the ETF listing, the currency has been trading in a steady range since March. With the April bonus cut approaching, it remains an open question as to when another price rally will begin.

Here are some of the challenges facing Bitcoin in September:

5 Challenges to Bitcoin in September

Pressure from a Massive $33 Billion Government Offer

According to research firm Kaiko, there is a risk of a $33 billion oversupply of Bitcoin as a result of the possibility that several governments will liquidate their stockpiles, in addition to some users of the bankrupt Mt. Gox exchange reclaiming their funds.

Selling Bitcoin ETFs

Experts like Andreas Antonopoulos have been warning for years about the impact of Wall Street’s entry into the cryptocurrency market. September is typically a month of selling on Wall Street, which impacts the Bitcoin ETF market.

Seasonal Slump in September#AVAX✈️ #BinanceBlockchainWeek #solana #Binance