As reported by CoinDesk, BTC rebounded to $57,000 on Monday, up 5% from the previous 24 hours, outperforming the 4.2% gain of the CoinDesk 20 Index. ETH rose 3% to $2,341, a relatively weak performance.
U.S. stocks also rose, with the Nasdaq and S&P 500 both up 1.15%. Despite today’s rebound, BTC is still down about 3% in September and more than 20% since hitting an all-time high of $73,000 in March.
Greg Cipolaro, head of global research at NYDIG, noted that August and September are typically weaker months for BTC, but October and the fourth quarter typically perform better. In the coming weeks, BTC may rely on macroeconomic factors outside of cryptocurrencies, such as employment, inflation, and Fed policy.
Cipolaro also mentioned the presidential election in November, and although Trump is crypto-friendly, little is known about Kamala Harris's stance. He believes November could be a pivotal moment for the industry, but until then, BTC could be affected by the broader market context.
