On Thursday, the cryptocurrency’s price continued to rise, consolidating the positive trend following strong performance over the past three months. Buyers did not miss the opportunity to snap up cryptocurrency during the dip, inspired by news of a possible easing of crypto asset regulations in the U.S.
However, at the start of the fourth quarter, the pace of growth began to slow. This was due to rising yields on U.S. Treasury bonds, as the market expects the Federal Reserve to continue tightening monetary policy.
As of 09:21 Moscow time, the price of Bitcoin had risen by 1.5%, reaching $84,307.1.
Overall, Bitcoin is rising thanks to low PCE inflation figures, although high bond yields are somewhat holding back the price. On Wednesday, the price even rose to $85,600 when PCE data came in lower than expected. This raised hopes that the Fed would raise interest rates less frequently if inflation continues to slow.
However, some of Bitcoin’s gains still evaporated. The reason was a sharp spike in Treasury bond yields, which reached multi-year highs on Wednesday despite weak inflation data.
The crypto market was also under pressure from capital flows into the tech sector and semiconductor manufacturers. Investors became enthusiastic about artificial intelligence following Micron’s excellent financial reports.
Everyone is now awaiting Friday’s U.S. August employment data. These figures will help provide a better understanding of what is happening with the global economy and where interest rates are headed. Incidentally, the likelihood of a rate hike in October has decreased slightly following relatively dovish comments from one of the Fed officials.
Launch of the Open Standard stablecoin, supported by Visa and Mastercard.
According to Coindesk, a new stablecoin backed by giants such as Coinbase, Stripe, Mastercard, and Visa went live on Wednesday.
The coin, called OpenUSD, was announced back in June and is now operating on the Solana, Ethereum, Tempo (in partnership with Stripe), and Base (a Coinbase project) blockchains.
In an interview with Coindesk, Open Standard CEO Zach Abrams noted that they plan to focus on institutional trading, lending, cross-border transfers, and bank settlements. Their partners, now numbering over 140, include Standard Chartered, BNY, and BlackRock.
Crypto Market Update: Altcoins Rise After a Strong Third Quarter.
On Thursday, the market saw across-the-board gains. Major altcoins also rose, with many of them outperforming even Bitcoin over the past three months.
For example, Ether rose 2% to $2,714.83, and over the third quarter, it gained as much as 70%.
XRP and Solana rose by 0.8% and 0.9%, respectively. Cardano gained 4.2%, and BNB rose by 1.8%.
As for meme coins, Dogecoin rose 2.9%, and the TRUMP token posted a 7.3% gain.