BTC Ends September with 1st Quarterly Loss of Year amid Economic Uncertainty
TEHRAN (Tasnim) – Bitcoin is poised to end the quarter on a down note in its first quarterly slump in September of this year.
The major cryptocurrency by market value is down about 11% since June up to September of this year, and traded at about $26,970 on Saturday in New York.
It increased 83% in the first six months of this year (March 21 to September 22), rebounding in part from a 64% plunge seen in 2022 as the digital asset sector was roiled by scandals and bankruptcies, Bloomberg reported.
Bitcoin has languished in a narrow trading range since late in the second quarter amid an uncertain macro outlook.
The US Federal Reserve left interest rates unchanged last Wednesday, but signaled that interest rates will be higher for longer. Higher rates tend to decrease the allure of riskier assets.
“The Federal Reserve’s stance has heightened investor apprehension, leading to declines in both traditional and digital asset markets,” said Hosam Mahmoud, a research analyst at CCData.
Over the course of nine weeks ending in mid-September, investors withdrew nearly half a billion dollars from cryptocurrency products, according to a report by CoinShares. Bitcoin comprised 85% of outflows, reaching $45 million.
On Thursday, the US Securities and Exchange Commission deferred decisions on BlackRock Inc.’s spot Bitcoin ETF proposals, just days after it delayed decisions for Ark 21Shares and GlobalX until January.