Instead, the token's performance in October could be propelled by a decision coming from the Securities and Exchange Commission next Friday.
A spike in interest rates this month has bulldozed stocks and bonds alike, but Bitcoin could stay on an upward trajectory no matter where rates go from here, an analyst said.
For the past several years, Bitcoin and other tokens have mostly acted like tech stocks—bolstered when rates fall but hurt when rising rates punish investments without cash flow. But this time, Bitcoin could actually be a beneficiary of higher rates, argued Fundstrat analyst Sean Farrell in a research note Thursday.
On the other hand, if interest rates peak or start to drop, Bitcoin could still benefit along with other risky assets, he wrote, since falling rates tend to help investments such as cryptocurrencies that don’t generate income. This creates what Farrell describes as a “somewhat asymmetric situation” that warrants increasing exposure to tokens as the fourth quarter begins.
That could change as October has historically been a good month for Bitcoin prices, albeit with an extremely small sample size, leading some traders to dub it “Uptober.”By that deadline, the SEC has to decide whether it will appeal a ruling that makes it all but inevitable that a spot Bitcoin exchange-traded fund comes to market. In August, a court said the SEC erred when it rejected attempts by Grayscale Investments to convert the Grayscale Bitcoin Trust into an ETF.
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