Bloomberg: Global rate cuts drive Bitcoin to one of its biggest September gains ever

Odaily News Bitcoin is expected to record one of the largest September gains ever, driven by a wave of global interest rate cuts, including the United States' active shift to loose monetary policy. Data compiled by Bloomberg show that Bitcoin prices have risen by more than 10% so far this month, compared with an average September decline of 5.9% over the past decade. The small-cap token index has climbed more than 20%, indicating that loose financial conditions are activating high-risk sectors in the cryptocurrency market. To support economic growth, the Federal Reserve, the European Central Bank and others all lowered borrowing costs in September. Investors are expecting more stimulus measures to be introduced, so they have rushed to buy assets ranging from stocks to gold to cope with a looser monetary environment. Sean McNulty, head of trading at liquidity provider Arbelos Markets, said: "As far as the Federal Reserve is concerned, Bitcoin is still the most correlated with monetary policy. The loose policies of other central banks are definitely helpful." Caroline Mauron, co-founder of Orbit Markets, said that due to the expiration of a large number of options contracts on Friday, the $65,000 level may be "firm" for a few hours. (Bloomberg)