Key Takeaways:
- Crypto assets hover modestly higher as market participants reassess current situation
- Bitcoin on pace to end the month with a loss of a little about 10%, ether down 13% in September
Cryptocurrencies Modestly Changed, BTC at $43,600
The broad cryptocurrency market traded mostly sideways on Wednesday but pushed higher early on Thursday. Digital assets remained near or slightly below their opening levels yesterday as traders and investors paused to digest market developments.
The price of bitcoin was barely changed, down about 1% on the day. It closed near $41,300 per token. While it was pointing to the upside earlier in the day, buying momentum could not sustain the upside swing. Thus, the orange coin finished essentially flat.
Over the week, the leading cryptocurrency has not been able to maintain an upward trend. Bitcoin is on pace to finish the week lower by about 4% if price remains near current levels.
Bitcoin Jumps 4% in the Early Hours on Thursday
On the final day of September, bitcoin’s price is on track to log a decline of 10% over the month. Earlier today, bitcoin’s price spiked about 4% to reach levels near $44,000 per coin.
In September, the digital asset space was hit by China’s efforts to clamp down on all crypto-related activity. The outright ban cast a shadow over the otherwise positive growth momentum in September.
In the meantime, other major cryptocurrencies remained pressured on Wednesday and maintain a downward trajectory for September. The native token of Ethereum, ether, is currently trading near $3,050, or about 2% lower for the week. Ether’s monthly performance for September shows a loss of roughly 13%.
Growth Prospects are Strong for Final Quarter of 2021
While crypto assets have gone through a slide this month, the broad market is still booming. Moreover, institutional interest remains near its record-high levels. On that note, ahead of the final quarter of the year, crypto proponents are certain that the rally will continue.
Major investment banks and institutional investors like hedge funds are eager to join the crypto revolution. Even now, with no regulatory frameworks, institutional interest is on the rise. To this end, financial professionals and money managers are waiting to splash out billions in the crypto space.