Bitcoin experienced a turbulent September, falling from the $80,000-$81,000 range to around $75,000 by mid-month. This decline was driven by the US Senate’s failure to advance the Clarity Act, which required 60 votes to overcome the procedural threshold, and the Federal Reserve’s decision to raise interest rates by 25 basis points to 3.75%-4%, marking its first increase since July 2023. On September 18, Bitcoin surged more than 5%, breaking back above $80,000 and reaching approximately $80,700-$80,900, fueled by roughly $160 million in net inflows into US-listed spot Bitcoin ETFs. Underlying regulatory and macroeconomic uncertainties remain, including the Fed’s projections pointing to potentially higher rates for longer and the lack of a clear legislative framework for cryptocurrencies in the United States.
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