An acute rally that started late on the weekend continued in us on Monday morning. Take the $ 114,000 again after having fallen below $ 109,000 last Friday.
The measure suggests that cryptographic merchants are responding to the same macroeconomic factors, namely, the lowest interest rates in the West, which have been promoting gold and many rates of actions to new records almost daily. It also suggests a seasonal factor, with investors changing the approach from the historical weakness of September to October, sometimes called “uptober” due to the tendency that the price increases.
Bitcoin and other important crypts, ETH, XRP and Sun among them, are ahead of approximately 4% in the last 24 hours. Gold is ahead 1.2%, touching another higher record above $ 3,850 per ounce and Nasdaq is higher by 0.8%.
Among the stocks related to crypto, coinbase (Coin) and Stablecoin Emier Circle (CRCL) rose 5.7% and 7.7%, respectively.
Particularly hard during the butcher shop last week, the miners are seeing a considerable rebound. Artificial intelligence and stocks focused on high performance computing, such as IREN (Iren) and Cipher Mining (CIFR) have a 4%increase. Mara Holdings (Mara), with a greater emphasis on mining and pure stacking of Bitcoin, is ahead of 8%.
The little rebound is not surprising, said Paul Howard, senior director of the Wincent commercial firm, although the macro environment is a bit uncertain.
“We have seen institutional and retail support for $ 110,000 of those who were lost BTC at the level of $ 100,000,” he said in a note. “There is still a downward risk until we see a larger macro moves next month.”
Friday’s job report could offer merchants a clearer vision of the labor market, but a closure of the imminent government threatens to delay liberation. If the closure is dragged, the Federal Reserve can be forced to hold its next policy meeting from October 28 to 29 without access to critical economic data.
October could provide relief for cryptography markets
Joel Kruger, Lmax Group market strategist, said the seasonality “is about to become abruptly in favor of Bitcoin”, since the typically weak September is giving way to the strongest months of Bitcoin historically.
BTC registered an average yield of 22% in October since 2013, with November producing even stronger 46% profits during the same period, he said.
“In the context of a historical year for cryptography, marked by significant advances in adoption and regulation, these seasonal tail winds could prepare the scenario so that Bitcoin challenges and even exceeds the maximum previous records before the end of the year,” Kruger said.
