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Cryptocurrencies opened September with sharp losses, as $361 million in leveraged positions were liquidated over 24 hours and Dogecoin fell out of the top 10 digital assets by market value. Bitcoin, Ethereum, Solana and Dogecoin all declined alongside the S&P 500. Dogecoin co-founder Billy Markus commented on the downturn with a sarcastic post on X. The token traded at $0.081, down 1.41% on the day and 4.90% on the week, with its market cap at $12.74 billion. Pressure has been amplified by Federal Reserve Chair Kevin Warsh’s hawkish Jackson Hole remarks, with markets pricing a 66% chance of a 25-basis-point rate hike at the Fed’s September 16 meeting. September has historically been the weakest month for both crypto and US equities.
Key Elements
A broad market retreat at the start of September erased $361 million in leveraged crypto positions over a 24-hour window, while Dogecoin’s slide pushed the meme token out of the top 10 digital assets by market value.
The downturn hit major cryptocurrencies and US equities alike, with Bitcoin, Ethereum, Solana and Dogecoin all posting losses alongside the S&P 500. The synchronized decline underscores how tightly crypto has become tethered to macro sentiment, particularly around Federal Reserve policy.
Billy Markus, the Dogecoin co-founder who posts on X under the handle Shibetoshi Nakamoto, captured the mood with a sardonic post showing a screen full of red numbers. “September starting great as always,” he wrote, pairing the comment with a screenshot of the losses across digital assets and the benchmark US stock index.
The $361 million in liquidated positions, reported by derivatives data provider CoinGlass, reflects the leverage that had built up during August’s partial recovery. September has long been a punishing month for risk assets, earning the nickname “Rektember” in crypto circles. Bitcoin has averaged a roughly 3% monthly decline every September since 2013, closing the month in positive territory only five times in that span.
The pattern extends well beyond crypto. Since 1975, September is the only month that has delivered a negative average return for the S&P 500, a statistic that has cemented its reputation among equity traders as a seasonally weak period.
Dogecoin’s fall from the top tier
Dogecoin was trading at $0.081, down 1.41% over the prior 24 hours and 4.90% lower on the week. The decline follows a rapid round of profit-taking that began after the token briefly touched $0.10 on August 22. It has since retreated to a recent low near $0.08.
The correction pushed Dogecoin’s market capitalization down to $12.74 billion, dropping it to the 11th spot in the crypto rankings. The token, launched in 2013 and inspired by the Shiba Inu meme, had previously held a position among the largest digital assets by market value.
| Metric | Value |
|---|---|
| 24-hour change | -1.41% |
| 7-day change | -4.90% |
| Current price | $0.081 |
| Market capitalization | $12.74 billion |
| Ranking | 11th |
Note: Data reflects Dogecoin’s position at the time of reporting.
Fed expectations add to the pressure
The selling wave has also been fueled by shifting expectations around US monetary policy. Federal Reserve Chair Kevin Warsh’s hawkish remarks at the Jackson Hole summit, where he emphasized that inflation remains persistent, have prompted investors to recalibrate their outlook for interest rates.
Markets now assign a 66% probability to a 25-basis-point rate hike at the Fed’s September 16 meeting, with the potential for an additional increase before the year ends. That backdrop of tightening financial conditions has weighed on both digital assets and traditional markets, amplifying volatility across the board.
Some market infrastructure players see the turbulence as an opportunity to highlight alternative uses for blockchain technology. Platforms such as 1stepSwap are positioning themselves around the tokenization of real-world assets, offering users a way to access market prices without intermediaries. Whether such narratives gain traction will depend in part on how long the current risk-off phase persists.
For now, traders are watching to see whether the selling pressure marks a temporary flush or the beginning of another leg down in a month that has historically punished bullish positioning.
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Source: finance.biggo.com