Bitcoin started September with a decline: Markets await US data
Bitcoin, which gained about 25 percent in August, entered September with a decline. Global risks and rising bond yields are pressing down on the market.
Bitcoin, which gained approximately 25 percent in value with its strong performance in August, started September with a decline. While tension between the US and Iran and rising oil prices put pressure on the cryptocurrency market, investors focused on the critical US employment data to be released on Friday.
Bitcoin declined in September
Bitcoin, the world's largest cryptocurrency, entered September with a weak outlook following its strong rally in August. With this regression, the asset lost 0.2 percent in value, dropping to the level of 77,132 dollars.
Geopolitical and energy pressure
The re-escalation of tension between the US and Iran pushed oil prices upward. The fact that rising energy costs triggered inflation and interest rate expectations limited investor demand for risky assets like Bitcoin.
Institutional purchases provide support
Despite the general selling pressure in the markets, Strategy's resumption of Bitcoin purchases after a two-month hiatus provided partial support to prices.
Bond yields and Fed expectations
The rise in US bond yields and the strengthening of expectations regarding the Fed's interest rate policy made it difficult to preserve the gains achieved in August. The drop in bond yields had formed a major support in the August rally.
Eyes on employment data
Cryptocurrency market investors have now completely turned their attention to the US non-farm payrolls data to be announced on Friday. Data showing that the labor market continues to remain strong could influence the Fed's moves.