Fed Rate Cuts Fuel Bitcoin's Surge, Outperforming Seasonality in September
Fed Rate Cuts Fuel Bitcoin's Surge, Outperforming Seasonality in SeptemberA global wave of interest rate cuts, led by the Federal Reserve, has helped Bitcoin overcome seasonal weakness and post a leading performance for September. Data show Bitcoin has risen over 10% this month, while September has historically averaged a 5
Fed Rate Cuts Fuel Bitcoin's Surge, Outperforming Seasonality in September
A global wave of interest rate cuts, led by the Federal Reserve, has helped Bitcoin overcome seasonal weakness and post a leading performance for September. Data show Bitcoin has risen over 10% this month, while September has historically averaged a 5.9% decline over the past decade. A smaller cryptocurrency index has climbed more than 20%, signaling that a loose financial environment has fueled riskier appetites in the cryptocurrency market.
The Fed, the European Central Bank, and the People's Bank of China all slashed interest rates in September to support economic growth. Investors have responded to the more accommodative monetary environment by pushing up assets ranging from stocks to gold, anticipating further stimulus in the future.
"In terms of correlation between Bitcoin and monetary policy, the Fed is still the biggest driver," said Sean McNulty, head of trading at liquidity provider ArbelosMarkets. "The easing among other central banks certainly helps."
Cryptocurrency exchange Kraken said in a report that if Bitcoin fails to break through the $65,000 mark "decisively," it could suggest a move into a more sluggish period.
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