Bitcoin Ends Historic September With a Dip, but Breakout May Not Come Before U.S. Election
Cryptocurrencies experienced a sharp decline on Monday, with bitcoin (BTC) nearing $63,000, down 3.7% in 24 hours. Ether (ETH) and solana (SOL) fell 2.8% and 1.9%, respectively, while several altcoins in the CoinDesk 20 index dropped over 5%. Crypto stocks also suffered, with bitcoin miners like Marathon Digital and Hut 8 plunging 5%-10%, and Coinbase falling over 6%. U.S. equity indexes remained flat before declining, and European markets sold off 1%-2%. Federal Reserve Chair Jerome Powell indicated future rate cuts may not be as aggressive, emphasizing a neutral policy stance. Despite the dip, bitcoin is set for a positive September, up nearly 7%, marking its best performance since 2013. Historical trends suggest October could continue this upward momentum, though some analysts caution against overly optimistic expectations. Options traders anticipate a rally post-U.S. elections in November, with current market positioning indicating a bias toward downside until then.
