Leading cryptocurrency Bitcoin (BTC) rose above $65,000 as it recorded one of its biggest gains in September as global interest rate cuts eased the market.
Bitcoin is up over 10% this month, according to Bloomberg, with the gains defying its average September decline of 5.9% over the past decade.
Bitcoin on the Rise!
According to Bloomberg, Bitcoin is experiencing significant gains of over 10% this September, compared to an average monthly decline of 5.9% over the past decade.
This increase was due to interest rate cuts by central banks, including the FED, and these reduction decisions increased investors’ risk appetite.
Sean McNulty, trading director at liquidity provider Arbelos Markets, stated that the price of Bitcoin is mostly dependent on the monetary policy decisions of the US FED, and pointed out that the FED is the most effective in the rise.
“Bitcoin’s rise continues to be strongly linked to the Fed’s monetary policy.
“Other central banks’ interest rate cuts are helping this rise, but the FED’s decisions have a stronger impact on BTC.”
Orbit Markets co-founder Caroline Mauron said that Bitcoin could exhibit volatile movements due to the expiration of the $5.8 billion Bitcoin option contract today, and that the price could go sideways at $65,000.
Cryptocurrency exchange Kraken also said in its latest report that the failure to “definitively” break above $65,000 could be a sign of weaker times ahead for Bitcoin.
*This is not investment advice.