Bitcoin Price Reversal and Market Context
Bitcoin reversed its earlier decline on Thursday, gaining 0.9% to close at $84,491 as of 17:45 ET (21:45 GMT). The rally was underpinned by a broad-based rally in U.S. Treasury bonds, with the benchmark 10‑year yield dropping 6.5 basis points to 5.246% and the 30‑year yield slipping 2.3 basis points to 5.616%.
Recent Performance and Regulatory Sentiment
The cryptocurrency entered the quarter after a 43% surge in Q3, a move attributed largely to growing optimism surrounding potential U.S. Securities and Exchange Commission (SEC) approval, which helped investors overlook the failure of the Clarity Act.
Macro Data Influencing Sentiment
A softer‑than‑expected personal consumption expenditures (PCE) inflation reading initially pressured Bitcoin, reducing expectations for a Federal Reserve rate hike in October. However, the bond market rally mitigated that pressure. The Institute for Supply Management (ISM) reported its prices index rising sharply to 77.9 in September from 71.1 in August, nearing the March peak of 78.3 observed at the start of the U.S.–Iran conflict. The ISM’s overall manufacturing activity gauge continued its expansion for a ninth straight month.
Outlook and Upcoming Data
Market participants now look ahead to Friday’s non‑farm payrolls report for additional clues on the Federal Reserve’s future interest‑rate trajectory.
Stablecoin Launch
On Wednesday, a new stablecoin named OpenUSD went live on the Ether, Solana, Coinbase’s Base, and Stripe‑backed Tempo blockchains. Backed by payments giants Visa, Mastercard, Stripe, and crypto exchange Coinbase, OpenUSD is issued by Open Standard, whose CEO Zach Abrams said the coin targets banking, cross‑border payments, card settlement, institutional trading, and lending. Open Standard boasts a network of over 140 partners, including BlackRock, BNY, and Standard Chartered.
Broader Crypto Market Movements
Altcoins posted mixed results. Ether added 0.3% to $2,692.82 after a 70% gain in Q3. XRP inched up 0.2%, Cardano rose 0.3%, and BNB increased 0.4%, while Solana fell 0.3%. Among meme tokens, Dogecoin slipped 0.3% and the $TRUMP token rose 0.7%.
Price Caps and Oil Prices
Bitcoin’s upward momentum was capped by a surge in oil prices, which added a bearish element to the market.