Bitcoin breaks above $27,000 for the first time in September
On Monday, cryptocurrency prices increased broadly, with bitcoin crossing $27,000 for the first time in three weeks.
As of last night, Bitcoin was up less than 1% at $26,685.97, according to Coin Metrics. The price of bitcoin was slightly higher earlier today and trading at $27,403.17. In addition, the price of ether traded at $1,635.90, a slight increase from $1,635.80 earlier today.
It is unclear why the move was made, although there was a spike in trading volume during Asian opening hours, according to Kaiko senior research analyst Dessislava Aubert.
In the current low liquidity environment, low buying and selling pressure could amplify spot price movements and spur derivatives liquidations.
Over the weekend, the Nikkei reported that the Japanese government plans to allow startups to sell digital tokens in addition to conventional assets like shares and stock options to venture capital funds.
As a result of several major central bank meetings taking place this week, we expect volatility,” Aubert said.
A rising stock market precedes the Federal Reserve’s two-day policy meeting, which ends on Wednesday. CME Group’s FedWatch tool, which measures prices in the fed funds futures market, shows traders believe the Fed has a 99% chance of keeping rates unchanged and only a 31% chance of hiking them in November.