A sharp rally that began late in the weekend continued into us Monday morning trade with Resuming $ 114,000 after tumbling below $ 109,000 last Friday.
The move suggests that crypto traders respond to the same macroeconomic factors – namely lower interest rates over the West – which have run gold and many stock indices to new record heights on an almost daily basis. It also suggests a seasonal factor in which investors shift focus from historic September weakness to October – sometimes called “upward” due to the tendency for the price to rise.
Bitcoin and other major cryptos – ETH, XRP and SOL among them – are all ahead with approx. 4% over the past 24 hours. Gold is ahead 1.2%and touches another record high above $ 3,850 per day. Ounce, and Nasdaq is higher by 0.8%.
Among crypto-related stocks, Coinbase (Coin) and StableCoin Essuer Circle (CRCL), 5.7% and 7.7% increased respectively.
Particularly hard hit during last week’s carnage, miners see a significant rejection. Artificial intelligence and high performance computing -focused warehouses such as Iren (Iren) and Cipher Mining (digifr) have both increased by 4%. Mara Holdings (Mara) – with a greater emphasis on pure Bitcoin mining and stacking – is ahead of 8%.
The small rejection is not surprising, said Paul Howard, senior director of the trading company Wincent, despite the fact that the macro environment is a bit uncertain.
“We’ve seen institutional and retail support for $ 110,000 from those who missed the $ 100,000 BTC,” he said in a note. “There is still a downward risk until we see a bigger macro movement this coming month.”
Friday’s Jobs Report could offer dealers a clearer overview of the labor market, but a threatening government closure threatens to delay release. If the shutdown pulls on, the Federal Reserve may be forced to hold its next political meeting on October 28 to October 29 without access to critical financial data.
October could bring relief to crypto markets
Joel Kruger, market strategist at the LMAX Group, said seasonality “is turning sharply in Bitcoin’s advantage,” which the typically weak September gives way to Bitcoin’s strongest months historically.
BTC announced an average return of 22% in October since 2013, when November produced even stronger gains of 46% over the same period, he noted.
“On the basis of a landmark year for the crypto-characterized by significant progress in adoption and regulation-cunen these seasonal scatter set the scene for Bitcoin to challenge and even surpass previous record heights by the end of the year,” Kruger said.
