2 BIG Reasons Why Bitcoin Will Be Trading Above $60k In September

There is a lot of bearish sentiment around Bitcoin Price Trading volume in 24h Last 7d price movement and the wider crypto market right now. In fairness, historically, September hasn’t been kind to BTC. But we believe there are 2 key reasons why it could turn out to be a green month for our favorite orange coin.

WOW🚨 September is historically RED month for #Bitcoin

Will the Fed Pivot save us? pic.twitter.com/by2ISYsns4

— Joshua Jake (@itzjoshuajake) August 27, 2024

Anticipated Rate Cut And Upcoming FOMC

Although Bitcoin had only closed 3 of 11 in the green in the previous September, the highly anticipated Fed rate cut could have made it 4 in 12.

In a speech at the Jackson Hole Economic Policy Symposium conference on Friday, 23 August, Powell said it was time for the Fed to make a major shift in its economic balancing act in which it seeks to keep the Fed funds rate high enough to prevent inflation from overheating and low enough to keep unemployment from rising.

That means cutting the rate from its current range of 5.25%- 5.5%, its highest since 2001. It’s been held for more than a year in an effort to push inflation down.

“The time has come for policy to adjust,” Powell said. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

RELATED: Russia Ready To Launch Trials Of Crypto Payments, Exchanges

A rate cut would be huge for economic sentiment. To simplify, the purchases of houses and real estate made at high rates over the last couple of years could be refinanced, reducing the interest payments for individuals and businesses. The cost of groceries and household goods would drop, making them more affordable.

Larger purchases such as cars should also see a fall in price, with better financing options available. These changes would effectively give institutions and individuals more money to spend, allowing them to take on more risk with investments such as Bitcoin.

Russia to Trial Supervised Usage of Crypto for Cross-Border Payments

Russia and Crypto has been at the forefront of my research recently.

Documentation outlined the use of cryptocurrency for international transaction by the end of the year in Russia.💯

But clearly they are not dragging their feet with this issue.🙇‍♂️

As they will, as of today,… https://t.co/huOV6EgCAg pic.twitter.com/0EvJAUotyF

— SMQKE (@SMQKEDQG) August 27, 2024

According to a Bloomberg report published on Monday (26 August), Vladimir Putin has given the green light for trials involving the use of cryptocurrency exchanges and digital tokens for cross-border transactions.

This is in response to Russia’s payment difficulties caused by its many international sanctions. The trials are scheduled to start on September 1.

On July 30, Russian lawmakers approved a bill permitting businesses to use cryptocurrencies for international trade. This bill was part of a wider package that included regulations for cryptocurrency mining and the circulation of other digital assets.

These new crypto regulations were enacted on August 8 after President Putin signed the bill.

Russia’s GDP as of 2022 totals $2.24 trillion and its population is estimated at 144 million. If the trials prove successful and Russia moves ahead with its use of crypto for cross-border transactions, this could prove to be a huge catalyst for Bitcoin and the wider digital asset market.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.