Bitcoin (BTC), Ethereum (ETH) and the other two biggest crypto projects, based on market cap have reached all-time records this month. According to CoinGecko’s Bitcoin dataBTC has reached a new high of $124,128. ETH on the other had a record high of $4.946.05 set on August 24. Despite their incredible bullish moves, BTC as well as ETH both fell by over 10% from the respective highs. Discuss if September will be a better month.
Bitcoin and Ethereum Will Hit New All-Time Highs In September
In the past, September was a month that has been bearish for Bitcoin (BTC). BTC being the leader of the crypto-market and the fact that other assets tend to follow it, September was a bad month. BTC may continue to experience corrections if it continues its historic pattern. Ethereum (ETH) will also be affected by such conditions.
A rate reduction is likely to occur in September. BTC could benefit from a rate reduction. Federal Reserve Chair Jerome Powell He said after the Jackson Hole conference that conditions currently exist “may warrant adjusting our policy stance.” It could mean the Fed will be cutting interest rates in September. Federal Open Market Committee Meeting (FOMC) is set for September 17th. Rate cuts could be a significant cushion for any possible price corrections that Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies may experience.
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Despite high odds of a rate reduction, it may be difficult to see the way forward for Bitcoin (BTC), and Ethereum (ETH), to reach new highs. According to Lisa ShalettMorgan Stanley’s chief investment officer, “Although we are aware of the extreme political pressures on the Fed to ease, and we acknowledge cracks emerging in some labor market data, from our perch … the case for cuts looks modest.“
The crypto market could be challenged by macroeconomic conditions. BTC or ETH prices could be affected by a similar scenario.
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Source: watcher.guru
