Bitcoin Rises Nearly 4% Amid Positive Economic Data
The crypto market is experiencing a strong start to the historically robust fourth quarter, with bitcoin rising nearly 4% to $117,400 in the past 24 hours. The rise was buoyed by expectations of further interest rate cuts following disappointing economic data.
- Private sector payrolls declined by 32,000 jobs in September, marking the largest drop in 2.5 years, according to ADP.
- The ISM September Manufacturing PMI was steady at 49.1, while the Prices Paid index dropped, indicating lower inflation pressures.
- Equity markets saw slight declines, with gold retracting from its recent all-time high.
- Ether, Solana's SOL, and dogecoin outperform bitcoin, posting gains of 5%-7% over the last day.
- The CME FedWatch Tool indicates a 99% probability of a 25 basis point rate cut in October.
October Momentum
- Bitcoin recorded a notable 6% gain in September despite historical challenges for the month.
- Spot bitcoin ETFs attracted $950 million in inflows at the end of September, reversing previous outflows.
- Noelle Acheson suggests potential macroeconomic tailwinds, including interest rate easing, could signal the start of a crypto bull market.
- She predicts an upcoming "alt-season" as investor focus shifts towards smaller, more volatile tokens beyond major cryptocurrencies like BTC and ETH.