Bitcoin has rebounded on Monday, recovering from a rough start to September that saw its price dip below $53,000 last Friday. As of the latest update, Bitcoin (BTC) is trading just above $57,000, marking a 5% increase over the past 24 hours. This rise outpaces the CoinDesk 20 Index’s broader market gain of 4.2%. Meanwhile, Ether (ETH) has seen a more modest gain of 3%, reaching $2,341, though it continues to lag behind Bitcoin and the broader market.
The recovery in cryptocurrency prices is coinciding with an uptick in U.S. stocks, which also faced significant losses last week. The Nasdaq and S&P 500 both rose by 1.15% on Monday.
Despite the recent gains, Bitcoin is still down about 3% for September and has decreased by more than 20% since reaching an all-time high of over $73,000 in March.
Greg Cipolaro, global head of research at NYDIG, noted in his weekly update that there are currently few near-term catalysts for Bitcoin. Cipolaro highlighted that August and September have historically been weak months for Bitcoin prices, though October and the fourth quarter have generally been more favorable.
Looking ahead, Cipolaro suggested that Bitcoin investors may need to look beyond the cryptocurrency sector for potential positive drivers. Key factors include macroeconomic news such as employment data, inflation, and Federal Reserve policies. Additionally, the November presidential election could play a crucial role. While former President Donald Trump has shown strong support for cryptocurrencies, the stance of Vice President Kamala Harris remains less clear.
“We won’t speculate on the election outcome, but November could be a pivotal moment for the industry,” Cipolaro concluded. “Until then, Bitcoin may be influenced by broader market conditions.”
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