Bitcoin (BTC) rally continues as it record its best Sept in the last decade, surging past $66,000. Although previously, September has been the worst month for BTC in terms of price performance. However, this time, it has became the best September in the last decade, driven by many interesting developments.
Recently, the US Federal Reserve started its interest rate cutting process for the first time in four years, dropping rates by 50 basis points (bps) or 0.5%. The rate cut immediately boosted liquidity in risk-on assets, including BTC, which has grown by over 12% since the cut.
Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) continue to witness rising interest from retail and institutional investors alike, as they recorded $365.57 million in total net daily inflows on September 26, the largest since late July. The good news for bulls is that BTC is holding steady above at $65,000 and could break $67,000 in upcoming days.
As of now, at the time of writing this article, BTC is trading around $65,670 and has grown by over 5% this week and has market capitalization of $1.3 Trillion.