Over the past month, Bitcoin's value has decreased while Nasdaq and S&P 500 indices have grown. Analysts discuss potential reasons and future market prospects.
Current Market State
Bitcoin has fallen by 6% over the 30 days ending on September 13, whereas the Nasdaq Composite increased by 3.7% and the S&P 500 Index rose by 4% during the same period.
Factors Affecting Bitcoin Price
Some experts believe Wall Street is applying bearish pressure on cryptocurrencies by shifting funds from Bitcoin ETFs to stocks like NVDA, TSMC, and ASML. Additionally, Bitcoin miners might be selling BTC to cover rising industrial electricity costs.
Perspective on Rate Cut
According to Goldman Sachs chief economist Jan Hatzius, a potential rate cut of 25-50 basis points could impact Bitcoin's future. Historically, low interest rates have correlated with Bitcoin’s price gains.
In view of a possible Fed rate cut and other macroeconomic factors, Bitcoin's future remains uncertain. Historically, low rates have contributed to crypto growth, but there are no guarantees that this will repeat.
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