Bitcoin's Price Fluctuates Amidst Market Uncertainty
Bitcoin's price experienced a significant drop on Monday, September 30th, primarily due to a "long squeeze" in the perpetual futures market. This decline coincided with growing caution in global equities as investors anticipated potential interest rate hikes from the Bank of Japan.
Despite the recent dip, Bitcoin remains on track for its best September in years, with gains of at least 7% month-to-date. The cryptocurrency market has seen increased inflows into spot Bitcoin ETFs, reflecting growing institutional interest.
Key News and Developments:
* China's Ex-Finance Minister Urges Cryptocurrency Research:
Former Chinese Finance Minister Lou Jiwei has called for increased research into cryptocurrencies following the recent approval of Bitcoin ETFs in the U.S.
* Cantor Fitzgerald CEO Calls for Bitcoin Regulation
Howard Lutnick, CEO of Cantor Fitzgerald, has suggested that Bitcoin should be regulated like gold, with clearer regulations for the cryptocurrency market.
* Bitcoin Address Activity:
The number of Bitcoin addresses holding between 0.1 and 1 BTC has grown significantly since the beginning of the year, while the number of addresses holding larger amounts has declined slightly.
It's important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Investors should conduct their own research and consider the risks involved before investing in Bitcoin or any other cryptocurrency.
