Originally published on: October 04, 2024
Grayscale’s head of research, Zach Pandl, is optimistic about the future of Bitcoin following the release of a robust September jobs report in the United States. According to Pandl, the report suggests a potential slowdown in interest rate cuts, which bodes well for riskier assets like Bitcoin.
The US economy added an impressive 254,000 jobs in September, surpassing economists’ expectations. This positive news has led investors to embrace riskier assets, pushing Bitcoin to trade at around $62,300 on October 4.
Despite expectations of a marginal interest rate cut at the Federal Reserve’s November meeting, futures traders remain confident in Bitcoin’s performance in a risk-positive environment. Grayscale Research believes that the current economic climate favors Bitcoin and could lead to an “Uptober” rally for the cryptocurrency in the fourth quarter.
One key factor contributing to Bitcoin’s potential growth is the notable decline in BTC holdings on centralized exchanges. Data indicates that the amount of BTC held on exchanges is at its lowest level since November 2018.
Grayscale, as the largest crypto asset manager with over $20 billion in assets under management, is optimistic about Bitcoin’s future trajectory. With positive economic indicators and a bullish market sentiment, Bitcoin could be on track for significant gains in the coming months.
In other crypto news, Mt. Gox has yet to dump Bitcoin, while Hong Kong has taken steps to remove crypto exchanges from its jurisdiction, as reported by Asia Express magazine.
Prepare to witness an exciting period for Bitcoin as opportunities for growth and exploration continue to emerge in the crypto space.
