September Summary
John Barry | Mon Oct 05 2020
September was a negative month for most Cryptocurrencies. On September 2, I wrote about the technical analysis indicators on the Quantify Crypto website had turned bearish. This is when Bitcoin had fallen below its $11,932 baseline price.
https://quantifycrypto.com/blog/bitcoin-technical-analysis---a-momentum-switch
Bitcoin and most leading cryptocurrencies would go on to have a terrible month. Bitcoin would hit lows of $9,821 before recoving to $10,839 on Sept 30th losing almost 10% of this value. Many other cryptocurrencies fared worse
Significant decliners in September were some of the best yearly performers in the crypto space including Chainlink (-40%), Tesos (-37%) and Ethereum (-25%). Many Defi Tokens had a down month including PolkaDot (-30%), yearn.finance (-28%) and Uniswap (-10%). Other cryptocurrencies that lost over 20% this month include Bitcoin Cash (-20%), Litecoin (-27%), EOS (-25%), Stellar (-27%), DASH (-23%), NEM (-29%), Cosmos (-28%), VeChain (24%), Aave (-23%), Synthetix Network Token (38%), Maker (-20%).
There was some significant news that sent these cryptocurrencies to positive monthly gains
Theta Token
Theta had multiple positive events occur in September. On Sept 9 Theta Labs announced they have been granted a US Patent for a decentralized data streaming and delivery network. Since that announcement Theta Labs is up over 75%. Theta Labs has since announced partnerships with MovieBloc, Aircast, Cinedigm, Ultra, CONtv, Chainlink, Line Corporation of Japan and special streaming events: “Battle of Asia” (Game) with Binance and the US presidential debate.
@Theta_Network on Twitter is a good source for Theta news.
https://twitter.com/Theta_Network
IRS Bounty for Monero
The IRS has issued a $625,000 bounty to anyone that can break privacy coins like Monero with a goal providing a tracking tool. The IRS states the use of privacy coins is gaining popularity from illicit actors. It was later reported on Bitcoin.com that Chainalysis and Integra won $1.25 million IRS contract for this. This additional attention seems to have provided a boost to the price of Monero.
https://news.bitcoin.com/chainalysis-and-integra-win-1-25-million-irs-contract-to-break-monero/
The platform Quantify Crypto provides live cryptocurrency prices, technical analysis, news, heatmaps and more. Our flagship product is the trend algorithm, designed to be on the correct side of significant cryptocurrency price moves.
We are a new site, please check us out and let us know what you like and do not like about the site. None of this is meant to be financial advice and I do not have any financial expertise. Although I worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader.
Full discloser: I do own Bitcoin and have stock positions.