Bitcoin Posts First Quarterly Decline of 2023

Bitcoin (BTC) fell to $27,000 at the end of September.

This was the cryptocurrency's first quarterly decline of the year, with its price being sensibly lower than three months ago. In July, Bitcoin hovered at about $31,000. This translates to a fall of nearly 13% over the second quarter of 2023.

Per Bloomberg data, Bitcoin surged 83% in the first two quarters of 2023, but traded in a relatively narrow range over the past few months amid an uncertain macroeconomic environment. While the Federal Reserved left interest rates unchanged at its September meeting, it signaled rates would remain high for longer to combat inflation. Higher interest rates tend to reduced the appetite for riskier assets like cryptocurriencies.

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Some investors had anticipated a spike in Bitcoin demand if the SEC  approved spot Bitcoin  exchange-traded funds ( ETFs), but the SEC postponed decisions on ETF proposals from BlackRock, Ark 21Shares and GlobalX until 2023.

Furthermore, some expected a potentially rally similar to March 2023 if the U.S. federal government shutdown. When several small and mid-sized U.S bank failed in March, Bitcoin jumped around 25% over one month.

With its first quarterly decline of 2023 now in the books, the price of Bitcoin faces continued uncertainty in the fourth quarter amid mixed signals on regulation and the macroeconomy. While some see signs of a potential rally ahead, Bitcoin's near-term trajectory remains unclear. #ContentStar #BountyCreator #GateioBountyCreator #NewsMessenger #GateLive #contentstar #MyFancyCreator #HotTopicDiscussion