Bitcoin.
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Bitcoin Cryptocurrency stocks retreated on the final trading day of September after rising last week, but are still on track to have a positive month.
The flagship cryptocurrency was last down 3% at $63,752.20 after briefly regaining $65,000 levels last week, according to Coin Metrics. Cryptocurrency Stocks Coin library down 5% and micro strategy down 2%.
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Bitcoin is set for its best September ever
Analysts also warned of overbought conditions as net inflows into global cryptocurrency exchange-traded products accelerated to their highest levels since mid-July, with Bitcoin rising nearly 5% last week in the five days to September 27. During the same period, Coinbase and MicroStrategy rose 12% and 21% respectively. Both stocks rose 6% on Friday.
Total net buying by U.S. Bitcoin exchange-traded funds last week (16,774 BTC) exceeded the typical one-month supply of newly mined Bitcoin (13,500 BTC), according to data from Bitwise’s ETC Group. This is largely due to policy reversal The company said the People’s Bank of China is responsible.
For the month, Bitcoin is on track to end September with its strongest performance ever with an 8% gain and post its second consecutive September gain – the weakest month for cryptocurrencies in history.
Coinbase is expected to lose 1% per month and is down nearly 18% for the quarter. some analysts See the downtrend continuing in the coming weeks. Meanwhile, MicroStrategy gained 30% for the month and 25% for the quarter.
Cryptocurrency and risk asset markets are entering a seasonally strong quarter.
Bitcoin’s narrative has often been controversial – whether it’s a store of value or a risk asset – but its correlation is currently closer to the S&P 500 than to gold, with investors expecting it to benefit from interest rate cuts and clarity following the U.S. presidential election Seasonality and favorable market conditions translate into greater inflows into crypto ETFs.
