September 29, 2023 was a significant day for Bitcoin, with several noteworthy events taking place.
Quarterly Loss
Bitcoin is ending September with its first quarterly loss this year¹. The largest cryptocurrency by market value is down about 12% since June¹. It traded at around $27,000 on Friday¹. Despite the loss, Bitcoin surged 83% in the first six months of this year, rebounding in part from a 64% plunge seen in 2022¹.
Market Reaction
The Federal Reserve's hawkish stance has heightened investor apprehension, leading to declines in both traditional and digital asset markets¹. Over the course of nine weeks ending in mid-September, investors withdrew nearly half a billion dollars from cryptocurrency products¹. Bitcoin comprised 85% of outflows, reaching $45 million¹.
ETF Proposals
The US Securities and Exchange Commission deferred decisions on BlackRock Inc.’s spot Bitcoin ETF proposals¹. This comes just days after it delayed decisions for Ark 21Shares and GlobalX until January¹.
Market Outlook
Despite the current challenges, there are signs that Bitcoin's corrective phase is maturing¹. It has cleared the 50-day moving average and reflected improved momentum off the back of oversold conditions¹.
In summary, while Bitcoin has faced some challenges this quarter, there are signs of potential recovery. As always, the cryptocurrency market remains dynamic and unpredictable.
Bitcoin News, September 30, 2023
This article summarizes key Bitcoin news for September 30, 2023
Sources:
(1) Bitcoin (BTC) Ending September With First Quarterly Loss of 2023 .... https://www.bloomberg.com/news/articles/2023-09-29/bitcoin-is-ending-september-with-first-quarterly-loss-this-year.
(2) Bitcoin September 29 daily chart alert - Bulls gain some momentum. https://www.kitco.com/news/2023-09-29/Bitcoin-September-29-daily-chart-alert-Bulls-gain-some-momentum.html.
(3) Bitcoin Mining Hits Toughest Era: Record Difficulty and Hashrate Peaks .... https://news.bitcoin.com/bitcoin-mining-hits-toughest-era-record-difficulty-and-hashrate-peaks-define-september-2023.
(4) Bitcoin jumps as US court gives a green light for first ETF - CNN. https://www.cnn.com/2023/08/29/investing/bitcoin-etf-grayscale-crypto/index.html.
Comments