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Cryptocurrency world continues to experience volatile movements. Price fluctuations have increasingly frustrated investors. Brief upward movements renew hopes, but subsequent declines lead to despair. As September approaches, an important evaluation regarding Bitcoin was made today.
Nvidia and Bitcoin Become Falling Giants Together
Matrixport released a report on Bitcoin today. According to this, BTC has historically performed poorly in September. This year, factors that will further challenge the cryptocurrency are on the agenda. Nvidia’s earnings forecasts, the future of the US technology sector, Federal Reserve policy decisions, and the upcoming US presidential election debates (Harris-Trump) could significantly impact Bitcoin’s price movements.
According to Matrixport, from the end of 2022 to the second quarter of 2024, a strong correlation was observed between Nvidia and Bitcoin. However, recent recovery in the artificial intelligence sector has boosted Nvidia shares, while Bitcoin has not shown the same performance. Both assets have seen new low levels, indicating increasing market depth.
US employment data to be announced on September 6 will play a critical role in determining market direction. At the end of 2022, most economists predicted that the US economy would enter a recession in 2023. However, the Federal Reserve’s focus was solely on controlling inflation. Fed Chairman Powell, speaking at the Jackson Hole conference, emphasized that the labor market is now the main focus.
Bitcoin and the Interest Rate Hike Cycle
During the 2018-2019 interest rate hike cycle, Bitcoin struggled but recovered strongly after the Fed stopped raising rates. However, after the rate cut, Bitcoin experienced a short recovery and then declined again. According to Matrixport, the general trend still appears to be downward.
September seems to be one of the biggest challenges in Bitcoin’s history. The deepening consolidation in cryptocurrency markets could have a decisive impact on Bitcoin’s future price movements. US employment data and Fed policies are particularly critical for Bitcoin investors. At the time of writing, the flagship cryptocurrency Bitcoin is trading at $59,530.
