A sharp rally which began late in the weekend continued into U.S. Monday morning trading hours, with re-taking the $114,000 after having tumbled below $109,000 last Friday.
The move suggests crypto traders are responding to the same macroeconomic factors — namely lower interest rates across the West — that’s been driving gold and many stock indexes to new record highs on nearly a daily basis. It also suggests a seasonal factor, with investors shifting focus from historical September weakness to October — sometimes dubbed “Uptober” due to the tendency for price to rise.
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Author: Helene Braun
