The token is up more than 10% this month, in contrast to an average decline of 5.9% in September over the past decade, data compiled by Bloomberg show.
An index of smaller coins rose more than 20%, a loose sign of economic conditions reviving the risky segment of the crypto market.
The Fed, the European Central Bank and the People’s Bank of China all cut borrowing costs in September to support economic growth. Investors responded to the more favorable financial conditions by bidding up everything from stocks to gold, anticipating more stimulus ahead.
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“Bitcoin has the highest correlation with monetary policy in terms of the Fed,” said Sean McNulty, director of trading at liquidity provider Arbelos Markets. “Easing other central banks certainly helps.”
The cryptocurrency rose as much as 1.2% on Friday, changing hands at $65,334 as of 1:12 pm in Singapore. It’s up 56% in 2024, helped by inflows into US bitcoin exchange-traded funds, but off the record hit of $73,798 in March.
The $65,000 level could prove “sticky” for a few hours due to the expiration of a large number of options contracts on Friday, said Caroline Mauron, co-founder of Orbit Markets, which provides liquidity for trading in digital-asset derivatives.
ETMarkets.comAccording to a note from crypto exchange Kraken, a failure to break above $65,000 “decisively” could extend a weak period for the token.
Aside from monetary policy, the digital-asset industry is awaiting the resolution of the US presidential election race. Many executives expect clearer American crypto regulations to boost sentiment in the months following the vote.
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