Analysis: Crypto Market Falls Due to Multiple Factors, Such as the 'September Effect'

Odaily Odaily News BTC Markets crypto analyst Rachael Lucas said: "Today's decline in the crypto market is not due to a single catalyst, and seems to be a combination of factors. Technical indicators show that the U.S. dollar index (DXY) is oversold on the daily chart, which may indicate that the U.S. dollar may rebound, which traditionally leads to downward pressure on risky assets such as cryptocurrencies." Lucas added that seasonal factors may be related to the market downturn. The "September effect" typically leads to poor market performance due to portfolio rebalancing, tax-loss profits, and increased caution before the U.S. election. (The Block)