Bitcoin Faces Weakest October Amid Inflation, Fed Risks Loom
BTC when published $80,818Now $80,760 ▼ −0.07% since it was published
Bitcoin on track for weakest October in six years as U.S. spot demand turns negative. Bitcoin is heading for its weakest October in six years as U.S. investors pull back ahead of the Federal Reserve’s rate decision Wednesday, with the cryptocurrency trading around $80,800 and down 4.2% for the month. The Coinbase Premium has not posted a single positive day this October, indicating U.S. buyers are paying less than foreign counterparts, according to data from CryptoQuant. Spot demand has been negative every day since Oct. 14, meaning new buyers are accumulating coins more slowly than miners produce them. Short-term traders have lost most of their profit buffer, with Bitcoin trading just 8.1% above the realized price of $74,041, down from 33.4% in late September.
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