Proactive’s crypto analyst, Billy Farrington, talked with Stephen Gunnion about the surprising strength in Bitcoin’s performance throughout September. Traditionally a challenging month for crypto, the so-called ‘Septembear’ market saw Bitcoin defy expectations by rising approximately 7% against the US dollar. Farrington attributes this positive movement to a weakened dollar and a substantial 50 basis-point rate cut by the US Federal Reserve, which helped sustain demand for Bitcoin throughout the month.
However, Farrington also touched on recent fluctuations as Bitcoin began to lose ground at the start of October. “Tensions in the Middle East and large-scale Bitcoin ETF outflows have increased uncertainty, causing a brief downturn,” he noted.
Despite these concerns, ongoing institutional moves toward blockchain technology bring optimism. Swift and Visa both announced initiatives aimed at integrating blockchain into their operations, potentially reshaping financial transactions globally. Farrington clarified the difference between public and private blockchains, suggesting that these initiatives, while exciting, don’t equate to a broad crypto adoption.