Patcay.com – The crypto world is on an upswing as we approach the end of September 2023. In fact, the price of Bitcoin (BTC) has surged past the $27,000 mark or approximately IDR 418 million (assuming an exchange rate of IDR 15,494 per US dollar).
The sustained positive momentum in the crypto market and the rapid rise in Bitcoin’s price within a short period can be attributed to several factors. These factors encompass changes in the macroeconomic landscape and numerous positive developments in the crypto sphere.
According to Fyqieh Fachrur, a trader at Tokocrypto, it’s essential to closely monitor the current movement of BTC to maintain its stability around critical resistance levels. These levels will determine the trend direction in the coming days.
First and foremost, from a macroeconomic standpoint, there are evident positive shifts in the crypto market that align with slight improvements in the US stock market index. This can be associated with the decline in yields of US 10-year Treasury bonds, which reached their highest point in the last 16 years.
“This shift creates a situation where investors seek more appealing investment alternatives, including crypto assets like Bitcoin,” explained Fyqieh.
Furthermore, the drop in oil prices from their peak in 2023 has contributed to optimistic sentiment in the market. Oil is often viewed as a vital indicator in the global economy.
Additionally, the depreciation of the US dollar has given a boost to the crypto market, as digital assets like Bitcoin tend to gain an advantage when fiat currencies weaken.
Within the crypto realm itself, Coinbase has injected fresh impetus by launching global crypto futures trading. This announcement has the potential to attract more traders into the crypto ecosystem, benefiting Bitcoin and instilling confidence among investors.
“Coinbase will also establish international branches to increase revenue, given the decline in trading volumes in the crypto spot market,” added Fyqieh.
Another noteworthy development is the SEC’s approval of the first Ethereum Futures ETF by Valkyrie Investments. The rapid SEC approval indicates the agency’s intent to safeguard market stability, particularly in the event of a government shutdown in the United States.
Earlier this week, the SEC postponed its decision regarding other Bitcoin spot ETF applications, including one submitted by Ark 21Shares, a fund owned by prominent technology investor Cathie Wood.