Bloomberg: September 2024 was one of the best months for bitcoin

According to Bloomberg, September 2024 was one of the most successful months for bitcoin BTC $101,284.21 Bitcoin -4.92% Market capitalization $2.01 trillion VOL. 24 hours $4.42 billion in its history. During the month, the price of the first cryptocurrency increased by more than 10%, which contrasts with the typical 5.9% decline in September. Since the beginning of the year, bitcoin has risen by 56%, largely due to the inflow of investments in spot bitcoin ETFs.

Experts attribute this to the high correlation between bitcoin and the monetary policy of the US Federal Reserve. According to Sean McNulty of Arbelos Markets, lower interest rates support cryptocurrencies. However, there are concerns about the possible instability of the exchange rate, which is currently at $ 64,500. This may be due to the expiration of a large number of option contracts.

Investors are also watching the political situation in the United States, especially before the end of the presidential campaign. It is expected that the new administration’s formation of new rules for regulating the cryptocurrency industry may have a positive impact on market sentiment. Bloomberg analysts predict that clear rules will boost investor confidence.

Earlier, Standard Chartered experts pointed to several factors that could support bitcoin’s growth in October. The main emphasis is on improving investor expectations after the Federal Reserve cut the rate. In general, the crypto market continues to show strong dynamics, and September was a confirmation of positive sentiment among investors, despite historically unfavorable trends for this month.