The cryptocurrency market rebounded slightly on the 30th (local time), the last trading day of the third quarter, despite the prospect of a continued aggressive monetary tightening policy. Although the US Personal Consumption Expenditure (PCE) price index in August exceeded expectations and the Federal Reserve (Fed) continued to raise expectations for an aggressive rate hike, the cryptocurrency market remained stable from within the recent range. Fed Vice Chairman Rael Brainerd reiterated that he will not change his stance on rate increases for now.
#Bitcoin intraday recovery of $20K
Cryptocurrency market capitalization in the second half of the New York market on the 30th was $952.4 billion, up 1.40% from 24 hours ago, and about $10 billion more than at the beginning of the day from $942.7 billion. The cryptocurrency market has shown some resilience within its recent range, despite the fact that the New York Stock Exchange fell again on the day.
After rallying above $20,000 during the day, Bitcoin narrowed its gains and retreated to the $19,700 level. Ethereum is hovering around $1350. Bitcoin and Ethereum rose slightly compared to the early days of the New York market. Other major coins also maintained a stable flow without major price movements.
In the total market capitalization of cryptocurrencies, Bitcoin accounted for 39.7% and Ethereum accounted for 17.4%.
# Futures Market Rising
Bitcoin and Ethereum futures on the Chicago Mercantile Exchange (CME) also rose. In the late New York market, the September contract rose 1.49% to $19,695, and the October contract rose 1.42% to $19,645. The November and December contracts were also higher by 1.24% and 1.70%, respectively.
The September Ethereum contract rose 0.86% to $1345.50, while the October contract rose 1.36% to $1344.00. The November contract advanced 1.21% to $1342.00, and the December contract traded at $1346.00, up 1.39%.
#Bitcoin seasonal bullish expectations
Bitcoin has historically performed well seasonally in the fourth quarter. According to cryptocurrency analyst Will Clemente, the average return for Bitcoin in the fourth quarter was 103.9%, with October and November showing the best monthly performance. The average return was 24% in October and 58% in November. CoinDesk also revealed that Bitcoin has recorded positive results in October eight times over the past 12 years.
However, the reduction in dollar liquidity is expected to be variable this year. The USD Liquidity Condition Index shrank to a 19-month low of $5.7 trillion, according to TradingView charts. According to Arthur Hayes, co-founder and former CEO of spot and derivatives cryptocurrency exchange BitMEX, the major highs and lows of the Bitcoin price after 2021 coincide with the highs and lows of the Dollar Liquidity Index.
The New York Stock Exchange fell more than 1% in all three major indexes again today. The S&P 500 fell 1.48%, the Dow 1.70%, and the Nasdaq Composite down an additional 1.51%. Shares of cryptocurrency exchange Coinbase rose more than 4% to close at $64.49.
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