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Bitcoin's big rebound 🚀
Up 11% over the past week, Bitcoin remains above $60,000 as traders increasingly expect a super-sized Fed interest rate cut ahead.
Andrew Hayward
September 15, 2024
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September is historically a rough month for Bitcoin, and that looked to be the case again in the early days of this month. But over the last week, the price of BTC has jumped by 11% and remained mostly above the $60,000 mark since Friday—which means it’s still up since the start of the month.
After steady gains throughout the week, that Friday spike was apparently motivated by traders expecting a super-sized interest rate cut from the Fed at this week’s meeting, plus MicroStrategy—the largest corporate holder of BTC—disclosed its largest buying spree since 2021, pushing its holdings to over $14.7 billion worth.
Granted, there’s still half a month left, and the recent volatility could swing back in the other direction. But at least for now, it looks like “Uptober” may have started early for crypto’s leading asset.
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