Bitcoin surged on Monday evening, crossing $57,000 after Wall Street bounced back from its worst week of the year. The price of the flagship cryptocurrency rose by 5.6% to $57,449.00, according to Coin Metrics. Last week, bitcoin fell by 9%, marking its worst weekly performance since August 2023. In regular trading, Coinbase and MicroStrategy saw increases of 5.2% and 9.2% respectively on Monday. These stocks rose as the S&P 500 ended a four-day losing streak and the Nasdaq Composite gained over 1%. Analysts have cautioned that cryptocurrency lacks significant catalysts currently, making prices sensitive to macro factors. Seasonality also plays a role, with September historically being a weak month for bitcoin as well as other risk assets. Bitfinex analysts noted that for bitcoin to see upside in the coming week, U.S. equity markets need to stabilize or gain positive momentum, potentially reducing ETF outflows and alleviating selling pressure on bitcoin.
More Stories
Analyst remains bullish on Methanex shares after new acquisition