Crypto Market Plunge: Bitcoin Price Approaches $63K, While Mining Stocks Drop by 10%
Notwithstanding a fairly strong September for digital assets overall, cryptocurrencies saw a steep decline on Monday, with Bitcoin approaching the $63,000 mark during the US session. And yet, while Ether and Solana held up rather well, rising by 0.42% and 1.07%, respectively, BTC increased by 0.20% over the last 24 hours. Bitcoin miners Marathon Digital (MARA), Bitdeer (BTDR), Hut 8 (HUT), and CleanSpark (CLSK) saw their prices plunge 5%–10%, while other crypto-related stocks were also severely hit.
Traditional market analysis reveals that major European markets saw 1%–2% selling off while U.S. equity indexes remained stable for the majority of the day before declining in the final hours of the session. Monetary policy must remain accommodative as a trend, stated Shigeru Ishiba, the new prime minister of Japan, according to a Reuters article. His remarks were made following the Nikkei’s 5% decline on Monday due to his unexpected weekend promotion to the PM position.
Best September Since 2013: Can Bitcoin’s Momentum Continue in October?
Despite the recent decline in cryptocurrency values, bitcoin was still expected to end September with a strong positive return, despite the fact that September is often a bad month. According to CoinGlass data, BTC had its greatest September performance since 2013, rising slightly under 7% over the month at prices that closed a few hours before UTC midnight.
September’s positive return may be a good sign for October since every other September that ended in the green was followed by even greater gains the following month. Given that October has had positive monthly returns nine times out of eleven since 2013, it has also traditionally been one of the best months for bitcoin, earning the moniker Uptober.
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