Bitcoin and Ethereum are trending upward this Friday, poised to conclude September with gains of 4.15% and 1.76%, respectively.
Today, the U.S. Personal Consumption Expenditures (PCE) Index also grew. It rose by 0.4% in August compared to July. Annually, it increased by 3.5%.
The core PCE, which filters out volatile items like food and energy, had a slight rise. It went up 0.1% monthly and 3.9% yearly.
Both stats met economists’ median projections. As of 10:37 AM local time, Bitcoin trades at $27,038. In the last 24 hours, it has gained 2%.
Meanwhile, Ethereum’s Ether is priced at $1,676. It went up 3.1% according to CoinGecko data.
Thiago Rigo from Titanium Asset focuses on the expected approval of Ether-based Exchange-Traded Funds (ETFs).
The U.S. SEC might give a nod as early as next week. In this regard, VanEck stands as the front-runner for initial approval.
Rigo believes ongoing SEC discussions and upcoming federal disruptions could speed up this process.
For today, Rigo suggests keeping an eye on U.S. Treasury yields. After peaking at 4.65% annually, they have now fallen to 4.52%.
This fall positively impacts global income. André Franco from MB points out the unexplained robust growth in cryptocurrencies.
This happens despite the SEC delaying decisions on several Bitcoin ETFs. Some ETF deadlines, like Ark Invest’s, now extend to early 2024.
This delay puts added pressure on the SEC for a quick decision.
Background cryptocurrencies
In summary, the cryptocurrency market shows signs of strength at the end of September.
The gains in Bitcoin and Ethereum seem to align with broader economic indicators. For instance, the rise in the U.S.
PCE Index suggests consumer spending is up. This generally bodes well for investment assets like cryptocurrencies.
Additionally, the attention on upcoming ETF approvals adds another layer of optimism.
If the SEC approves Ether-based ETFs, it could invite more institutional investors into the crypto space.
This is likely to boost market confidence further and potentially drive prices higher.
Lastly, it’s crucial to monitor the impact of U.S. Treasury yields on the market. Lower yields often encourage higher-risk investments, such as cryptocurrencies.
With recent yields dropping, we might see an extended positive effect on Bitcoin and Ethereum.