On September 27, the optimistic sentiment in the cryptocurrency market is spreading. $Bitcoin (BTC.CC)$ It successfully broke through the $65,000 mark, with Ethereum approaching $2,700.

Key focus

• Bloomberg: Bitcoin is poised to achieve one of the largest September gains in history

Bitcoin is expected to achieve one of the largest gains in September as the global interest rate cuts led by the Federal Reserve help the largest digital asset break free from seasonal woes.

Data compiled by Bloomberg shows that Bitcoin has risen by over 10% this month, while the average decline in September over the past ten years was 5.9%. Altcoin indices have risen by over 20%, indicating a more accommodative financial environment is active in the riskier parts of the cryptocurrency market.

• SEC Chairman Gary Gensler: Bitcoin is not a security

According to Watcher.Guru disclosed on X platform, Gary Gensler, the Chairman of the Securities and Exchange Commission of the United States, stated that bitcoin is not a security. Gary Gensler also mentioned that for the cryptocurrency industry, disliking rules and having no rules are different.

• Don Jr.: Willing to spend a lot of money to have Harris explain encryption and blockchain technology, but cannot use a teleprompter.

Trump's eldest son, Donald Trump Jr., posted on X platform that he is willing to pay a large amount for Harris to explain encryption and blockchain technology, but not with a teleprompter. The longer Harris talks, the more money is paid. Donald Trump Jr. also mentioned that he is willing to pay for Harris and his 15-year-old son to debate on encryption and blockchain technology.

• US SEC Chairman Gensler: If the crypto industry lacks investor protection, it will not be able to exist in the long term.

US Securities and Exchange Commission (SEC) Chairman Gary Gensler said in an interview that the crypto sector will have difficulty surviving in the long term without adequate investor protection. He emphasized that SEC's core responsibility is to ensure fair markets and protect investors from fraud and manipulation. Gensler also mentioned that while Bitcoin and other cryptocurrencies have potential in technology, the regulatory framework must keep pace with their development to safeguard market stability and investor interests.

• Viewpoint: Significant macroeconomic announcements significantly affect the volatility levels of Bitcoin, with CPI and US Federal Reserve interest rate decisions having the greatest impact.

Volmex Research stated in their latest paper that regularly released macroeconomic announcements significantly affect Bitcoin (BTC) actual volatility and implied volatility in the cryptocurrency market. Regression analysis of BTC price range and volatility levels revealed that these events continue to trigger volatility in the spot and options markets. The research also highlighted that CPI and Fed decisions have the greatest impact on volatility levels, confirming these events as key drivers of uncertainty resolution. CPI typically leads to prolonged volatility lasting up to 24 hours, while the impact of Fed decisions dissipates more quickly, especially in implied volatility indicators. Furthermore, robustness tests using multiple time windows and incorporating Ethereum (ETH) prices further validated the research findings. This discovery provides a basis for traders and market participants to formulate strategies to address price fluctuations triggered by these significant macroeconomic announcements, especially in the cryptocurrency derivatives market.

• The correlation between Bitcoin and global liquidity is stronger than that of gold and stocks.

According to a report by venture capitalist Lyn Alden, Bitcoin (BTC) has a high correlation of 83% with global liquidity, surpassing all major asset classes. The report states that Bitcoin tends to rise during liquidity expansion and adjust during liquidity contraction, making it the "purest liquidity indicator." Between May 2013 and July 2024, the correlation between Bitcoin and global liquidity reached 0.94, but has slightly weakened in the short term, with rolling average correlations of 0.51 and 0.36 over 12 and 6 months, respectively. Liquidity is measured by M2 supply, including cash, bank account funds, etc. The report suggests that global liquidity is a key driver of Bitcoin's long-term price performance, allowing investors to analyze Bitcoin market cycles based on this information. However, this correlation may weaken during significant industry events or extreme market conditions.

• Bank of New York Mellon receives approval from the US SEC to provide cryptos custody services.

Bank of New York Mellon has been approved by the US Securities and Exchange Commission (SEC) to provide cryptocurrency custody services.

• Morocco plans to invest 1.1 billion US dollars to advance AI and blockchain, aiming to become a global digital hub by 2030.

Morocco announced the 'Digital Morocco 2030' plan, with a planned investment of $1.1 billion, focusing on artificial intelligence (AI) and blockchain technology to drive digitalization of public services, economic growth, and create 240,000 digital industry jobs. The strategy also aims to support the development of startups through AI and blockchain platforms, improve Morocco's global ranking in the United Nations E-Government Index from 100th to 50th place. In addition, Morocco plans to increase digital export revenue to 41.5 billion dirhams by 2030 and expand 5G coverage to 70% of the country's regions.

Editor/Somer