This morning, the Bitcoin price seemed to make a small recovery. The value of the cryptocurrency even approached the $60,000 level, which raised hopes for a further recovery among many investors.
However, that hope proved to be short-lived. In the past few hours, the Bitcoin price has dropped significantly again and has even experienced a drop of more than 2 percent.
So what exactly is going on? In this article, we’ll dive deeper into what’s driving these price movements and what it means for the future of Bitcoin.
Influence of Global Stock Markets on Bitcoin Price
Bitcoin’s decline today appears to be strongly linked to the malaise in global stock markets. US stock markets opened sharply lower today, sending shockwaves through the financial world.
The S&P 500 began the trading day down 1.29%, while the Nasdaq opened down 1.73%. While these numbers may seem small, such declines are very large for stock markets and indicative of broader investor uncertainty.
These sharp declines naturally cause unrest among Bitcoin investors. Although Bitcoin is often seen as a standalone investment vehicle, it still regularly reacts to global economic developments and market sentiments.
When stock markets around the world suffer large losses, it is often seen as a sign of broader economic problems, which in turn raises concerns among investors in riskier assets like Bitcoin. This can also put pressure on the price of Bitcoin, as we have seen today.
September has historically been a terrible month for Bitcoin
September is generally proving to be a very bad month for Bitcoin. The data in the image shows that Bitcoin has been losing money in September no less than 8 times in its 11 years of existence. On average, the largest digital currency lost 4.78% of its value in this month. This makes September historically the month with the greatest tendency to lose money for Bitcoin.
However, there is hope for crypto investors if Bitcoin follows the trend of the past few years. October has almost always been an excellent month for the Bitcoin price. In this month, Bitcoin has posted an average gain of 22.9%, as the image also shows. November also often shows positive results, indicating that better times may be on the horizon for Bitcoin and its investors.
Crypto analysts concerned for short term
Although better times seem to be on the way, some analysts are warning of a possible severe correction in the short term.
Analysts at Bitfinex even predict that the Bitcoin price could drop to $46,000 this month, especially as the US central bank is set to cut interest rates for the first time since 2020.
It remains to be seen how this will develop, but one thing is certain: the coming period promises to be exciting for Bitcoin investors.
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Source: https://newsbit.nl/waarom-daalt-de-bitcoin-koers-vandaag-plotseling/
