September’s surprise gave Bitcoin a head start that could push it to new all-time highs in the fourth quarter. Cryptocurrencies rose 7.7% in September, historically the weakest month of the year and the best since May. However, gains were limited to 2.5% in the third quarter as the cryptocurrency struggled to break out of the range it had been in since March. Ether ended September up more than 3%, but fell more than 20% in the third quarter. However, the path to new highs is not a straight one. Bitcoin is still working through oversupply from the US and German governments and Mt.Gox repayments to creditors. In addition, many traders are closely monitoring the results of the US presidential election. Additionally, Federal Reserve Chairman Jerome Powell said Monday that further rate cuts are planned, but no clear path has been established. BTC.CM= 1 Million Mountain Bitcoin Just Hit September's Highest Since 2012 “Liquidity remains thin across crypto and traditional markets, with macro events and regulatory news leading to sudden changes.” If triggered, there is room for volatility to change sharply,” said James Davis, CEO of Cryptocurrency Trading. Platform Crypto Valley Exchange. Risk assets have already gotten off to a shaky start since the first day of October due to tensions in the Middle East. Investors are also watching strikes by members of the International Longshoremen's Association on the East Coast and Gulf Coast that could cost the U.S. economy hundreds of millions of dollars. October and November are historically the strongest months of the year for Bitcoin. This month ended higher than in all but two years since 2013, with an average return of nearly 23%. This month has become known as “Uptober” among native crypto investors. “October [is] “This is the time when liquidity returns to the market after the summer lull and companies gear up for year-end earnings reports,” Davis said, adding, “The market sentiment around these events typically creates a positive feedback loop.” said. …We expect another strong month as cryptocurrencies become increasingly correlated with traditional markets,” said David Duong, head of institutional research at Coinbase. It is likely that this will begin with the application of the new policy, adding that the macro situation is having an impact. Cryptocurrency performance over the past few months has been heavily influenced by this, and for better or worse, investors are worried that the price of Bitcoin will decline due to interest rate cuts, increased flows into Bitcoin ETFs by financial institutions, and post-election transparency. I expect it to be affected. But investors are also keeping an eye on China's central bank. ”[The Fed rate cut] “This provides a lot of cover for other monetary authorities and other central banks to actually take more stimulative action, and that's what we have from China,” Duong said. “I don't think we should underestimate how big this is…” We've been seeing a weaker dollar trend for some time now, and this trend will probably continue for at least the foreseeable future. This means that many risk assets and their associated cryptocurrencies are going to do quite well.'' Bitcoin has struggled to break out of its range for most of this year, but it remains It has maintained an increase of 47% since then. Ether up 10% for the year – CNBC's Michael Bloom and Nick Wells contributed reporting.
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