The cryptocurrency market is experiencing a promising beginning to what has historically been its most successful quarter, with Bitcoin climbing by nearly 4% in the last day, reaching $117,400.
After an initial rise overnight, digital currency values continued their upward trend during the early U.S. trading hours. This was fueled by new economic indicators suggesting that September’s Federal Reserve rate cut may not be the final one this year.
A recent report from ADP indicates that private sector employment saw its largest drop in two and a half years in September, with companies shedding 32,000 jobs. August’s figures were also revised from an initial gain of 54,000 jobs to a loss of 3,000.
While traders typically focus on the Labor Department’s monthly employment data due on Friday, it is likely to be postponed because of the ongoing government shutdown.
Additionally on Wednesday, results from the ISM Manufacturing PMI Survey for September matched expectations at 49.1. However, there was positive news regarding inflation as indicated by a decrease in the Prices Paid index to 61.9 from August’s figure of 63.7 and predictions of 63.2.
In stock markets news: both Nasdaq and S&P 500 experienced slight declines while gold retreated slightly after hitting a record high earlier at $3,921 before settling back at $3,888.
An examination of alternative cryptocurrencies reveals widespread gains: Ethereum rose between five percent and seven percent over twenty-four hours along with Solana’s SOL token and Dogecoin outperforming Bitcoin’s growth rate during this period as well .
Despite uncertainties surrounding future economic reports which could influence monetary policy decisions , investors are still overwhelmingly confident about further interest rate reductions when The Federal Reserve meets again later this month according CME FedWatch Tool showing probability increased up ninety-nine percentage points compared week ago only ninety-two percentage chance cut occurring then too .
A Strong Start for October
The month traditionally challenging cryptos turned out favorable bitcoin having best performances seen many years past gaining approximately six-percent throughout entirety despite negative sentiment pervading investment community recently noted little attention paid fact amidst all turmoil happening elsewhere within financial world today currently stands poised potentially benefiting upcoming quarters especially given likelihood more supportive macroeconomic conditions emerging horizon such easing measures potential policy interventions like yield curve control designed stabilize global economy should downturn occur instead creating opportunities smaller volatile tokens attract renewed investor interest away larger established ones previously dominated space much time now perhaps signaling onset so-called ‘alt-season’ where focus shifts these newer assets rather than remaining fixated solely upon traditional major players alone moving forward ahead next few months accordingly anticipated here based insights shared Noelle Acheson author newsletter titled Crypto Is Macro Now expressing optimism about prospects going forward under current circumstances prevailing market environment observed today generally speaking overall outlook appears quite positive indeed