Bitcoin Is Having One of its Best Septembers Ever
Bitcoin is on course for one of its biggest September gains as a global wave of interest-rate cuts, headlined by the US Federal Reserve, helps the largest digital asset to climb past the resistance level of 65K.
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Bitcoin is having one of its best Septembers ever!#btc #cryptocurrency pic.twitter.com/3dIG7sYCYm
— The_Journalbiz (@the_journalbiz) September 27, 2024
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The token is up over 10% this month, contrasting with an average 5.9% decline in September during the past decade, data compiled by Bloomberg show. An index of smaller coins has climbed more than 20%, a sign of looser financial conditions enlivening riskier segments of the crypto market.
The Fed, the European Central Bank, and the People’s Bank of China all lowered borrowing costs in September to support economic growth. Investors responded to more accommodative monetary conditions by bidding up everything from stocks to gold, anticipating further stimulus ahead.
The cryptocurrency rose as much as 2% on Friday, changing hands at $65,721 as of 8:40 p.m. in New York. It’s up 56% in 2024, helped by inflows into US Bitcoin exchange-traded funds, but off the record of $73,798 hit in March.
Bitcoin’s correlation with monetary policy continues to be highest concerning the Fed,”
