Bitcoin Bucks September Slump, Holds Near $78K
Bitcoin fell just 1.5% in September, on track for its first quarterly gain in a year, as a stronger dollar and stalled crypto legislation failed to trigger a selloff. GF Score remains zero.
Bitcoin fell about 1.5% in September, bucking the digital asset's historical tendency for steep declines in the month, GuruFocus data shows. The cryptocurrency traded near $78,000 on Sept. 20, roughly flat with pre-rate-hike levels, and is on pace for its first quarterly gain in a year.
The muted price action came despite a series of headwinds, a stronger dollar, rising oil prices, continued Federal Reserve rate hikes, and the U.S. Senate's failure to advance the Digital Asset Market Clear Act, which stalled any federal crypto legislation for the remainder of the session. In prior cycles, any one of those pressures would have triggered a sharp selloff.
Bitcoin's limited response suggests selling pressure is waning, according to the report. Its market capitalization stood at roughly $5.1 billion on Friday.
Bitcoin's GF Score, a composite of five metrics, financial strength, profitability, growth, valuation and momentum, stands at zero, reflecting unfavorable readings across all categories, GuruFocus data show. Two institutional investors listed as gurus hold positions in Bitcoin, with no reported selling activity.
The fourth quarter opens with the asset near its highest level since early 2023, before the rate cycle began. No Senate floor vote on the Digital Asset Market Clear Act has been scheduled. For broader market context, see our stock market analysis.
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