Bitcoin.
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Bitcoin Cryptocurrency stocks rebounded on the last trading day of September after last week's gains, but are still poised to post positive results for the month.
The flagship cryptocurrency last fell 3.5% to $63,612.63, after briefly regaining the $65,000 level last week, according to Coin Metrics. Crypto stocks such as coinbase Shares fell 3% in pre-market trading, micro strategy It fell by 5%.
Investors are bracing for strikes at ports up and down the East Coast and along the Gulf Coast since midnight Monday that could shake up the economy ahead of the holiday season.
Bitcoin is expected to hit an all-time high in September
Analysts also noted that Bitcoin rose nearly 5% in the five days to September 27 last week as net inflows into global crypto exchange-traded products accelerated to their highest level since mid-July. has warned of overbought conditions. During the same period, Coinbase and MicroStrategy rose 12% and 21%, respectively. Both stocks rose 6% on Friday.
According to ETC Group, an affiliate of Bitwise, last week's total net purchases by U.S. Bitcoin ETFs (16,774 BTC) were equivalent to a typical month's supply of newly mined Bitcoin (13,500 BTC). exceeded. The company said this was mainly due to policy changes by the People's Bank of China.
This month, Bitcoin ended its strongest September in history with an 8% gain, putting it on pace for its second straight positive September, historically the weakest month for cryptocurrencies.
Coinbase is expected to rise 4% monthly, but is down nearly 14% for the quarter. Some analysts expect this downward trend to continue in the coming weeks. MicroStrategy, on the other hand, rose 33% for the month and nearly 28% for the quarter.
The market is heading into a seasonally strong quarter for crypto assets and risk assets in general.
The story of Bitcoin is often debated as to whether it is a store of value or a risk asset, but its correlation is currently closer to that of the S&P 500 than that of gold, and investors are worried that Bitcoin will fall in line with interest rate cuts and the US presidential election. We expect to benefit from later transparency, and monetary policy. Seasonal and favorable market conditions lead to increased inflows to crypto ETFs.
