Proactive Investors – It was a remarkably bullish September for bitcoin (BTC), bucking the long-running trend of it being the world’s largest cryptocurrency’s worth month on record.
Despite an early-month dip, the pair closed the month more than 7% higher, seemingly putting to bed the ‘Septembear’ narrative that has historically dogged bitcoin at this point in the season.
A sharp downturn in the value of the US dollar, expedited by the US Federal Reserve’s jumbo 50-basis-point interest rate cut on the 18th, was an obvious tailwind.
That jumbo rate cut spurred risk assets into activity across the board as traders began to weigh up increased liquidity in the market.
Unfortunately, bitcoin’s sunny September session came to a crashing halt as the month drew to a close.
On the last day of the month, BTC/USD plummeted by 3.5%, with another 4% wiped from bitcoin’s value on the first of October.
The bulls took a walloping, with $127…
Read More