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A relatively quiet weekend across the board. Bitcoin held steady around $108K, while Ethereum moved less than 0.7% over the last two days. Solana is going through a slight pullback from Friday’s high and is down nearly 10% from the local top.
With US markets closed for the Labor Day weekend, volumes remain subdued. Once they reopen, we should be back to our regularly scheduled program. This week will be driven by US jobs data, one of the two key factors the Fed considers when setting interest rates. Both data sets are due on Thursday, one at midnight and the other at 10:30 PM AEST, so we can expect volatility to pick up later in the week.
September has a rough track record, historically the worst month for both Bitcoin and the S&P 500. While that does not bode well from a seasonal perspective, macro factors are leaning more bullish with rate cuts likely on the horizon.
If this month does turn out to be bearish, it should be seen as a prime opportunity to accumulate Bitcoin, especially with Q4 often delivering strong returns for risk-on assets.
Stormrake Spotlight: Hedera (HBAR) ($0.218)
Stormrake Spotlight: Hedera (HBAR) ($0.218)
