$BTC$ Q4 promising
Historically, the fourth quarter has been positive for $Bitcoin$ and the broader cryptocurrency market. Bitcoin is up 67% this year, partially recovering from a sharp drop in 2022. However, it's still far from its all-time high of $69,000 during the pandemic. Analysts take comfort in Bitcoin’s historical seasonal trends, with October being a historically strong month for the cryptocurrency. Over the past decade, BTC has gained an average of 24% in October, according to data compiled by Bloomberg.
Additionally, Bitcoin’s dominance of the U.S. cryptocurrency trading scene is growing, accounting for 71% of U.S. exchange trading volume in September. This exceeds the 66% recorded during the banking turmoil in March. As Kaiko points out, one possible reason for this change is that institutional investors are turning to Bitcoin in the face of rising real returns and falling global risk sentiment.
Powell's speech also affected markets
At the same time, he met with a variety of stakeholders, including Federal Reserve Chairman Jerome Powell, Philadelphia Fed President Patrick Harker, and Pennsylvania workers, small business owners and community leaders. Powell acknowledged that the U.S. economy is still grappling with the effects of the COVID-19 pandemic and highlighted ongoing challenges in the health care sector, such as labor shortages, child care issues and other residual effects of the health crisis. Notably, Powell did not comment on current monetary policy or the economic outlook.
