In early September 2024, the crypto market, especially Bitcoin (BTC), experienced quite high volatility. After recording a high of around $64,400 in late August, the price of Bitcoin plummeted to $56,633. This decline not only affected Bitcoin but also other crypto assets such as Ethereum (ETH), which experienced a decline of around 9% on a monthly basis.
The decline was triggered by several factors, especially macroeconomic uncertainty. The United States' monetary policy, especially the Federal Reserve's interest rate decision, is the main focus for investors. Although many expect interest rates to be cut soon, the magnitude and timing of the cut are still debated. Market predictions suggest that a significant rate cut may occur by the end of 2024, which could potentially bring bullish sentiment to the crypto market.
In addition, Exchange-Traded Funds (ETFs) for Bitcoin and Ethereum also play a significant role in price movements. Although the flow of funds into ETFs has slowed, the adoption of these products by investors remains strong. Bitcoin ETFs, especially those from BlackRock, have recorded significant inflows, indicating high interest in this asset among investment advisors.
Historically, September tends to be negative for markets, both stocks and crypto, but many investors are optimistic that the market will recover towards the end of the year. With expectations of interest rate cuts and growing adoption of crypto ETFs, there is a chance for a significant rally in the final quarter of 2024.
Conclusion
The current volatility can be seen as part of the natural cycle of the crypto market, influenced by macroeconomic factors and investor sentiment. While uncertainty remains, many analysts expect a recovery in the price of Bitcoin and other crypto assets towards the end of 2024, especially if US monetary policy has a positive impact on market sentiment.
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