by Coinstrooper Crypto Articles
Quick Take
  • By James Van Straten (All times ET unless indicated otherwise)
  • Still, the largest cryptocurrency gave up some of those gains and was recently trading around $112,800.
  • It will probably need gold to relinquish some attention before its next move higher.
  • Gold continues to outperform, delivering nearly 50% year-to-date returns and climbing to another record high above $3,870 earlier today.

What Happened

By James Van Straten (All times ET unless indicated otherwise)

Bitcoin (BTC) jumped 5% from Friday’s fear-driven session to a more neutral stance at $114,000 on Monday, showing how quickly sentiment as measured by the Crypto Fear and Greed Index can shift.

Meanwhile, an imminent U.S. government shutdown threatens to affect policy decisions around crypto more than any other area.

Market Context

If Monday's trading performance in crypto and related equities is any indication of what October and the fourth quarter may bring, it could be a buoyant period for an industry still lagging behind both U.S. equities and metals.

Still, the largest cryptocurrency gave up some of those gains and was recently trading around $112,800. It will probably need gold to relinquish some attention before its next move higher.

Equities tied to artificial intelligence and high-performance computing continue to gain strength. Robinhood (HOOD), the trading platform added to the S&P 500 in its most recent rebalancing, saw its share price jump 12% on Monday as the quarter comes to a close.

Why It Matters

That might be a challenge, however. Gold continues to outperform, delivering nearly 50% year-to-date returns and climbing to another record high above $3,870 earlier today. At the same time, the dollar index (DXY) cannot generate momentum and has fallen below 98, which is positive for risk-assets.

Details

September has been a pretty subdued month for cryptocurrencies, with the CoinDesk 20 Index little changed over the period, up just 0.54%. Ether (ETH) lagged behind and is on track to lose more than 5% in the month. Bitcoin is currently up 4.5%.

October, nicknamed Uptober for its historic effect on BTC is just around the corner. Stay alert!

What to Watch

For a more comprehensive list of events this week, see CoinDesk's week-ahead note.

Crypto

Sept. 30: FTX begins $1.6 billion, third creditor payout under its bankruptcy plan through BitGo, Kraken and Payoneer. Creditors must complete KYC and tax forms to qualify. Sept. 30: Starknet (STRK) starts BTC staking on mainnet, enabling wrapped BTC tokens staking with 25% consensus weight; un-staking period cut to 7 days; rewards start. MacroSept. 30, 10 a.m.: U.S. Aug. JOLTS report. Openings Est. 7.1M, Quits (Prev. 3.208M). Sept. 30, 10 a.m.: U.S. Sept. CB Consumer Confidence. Est. 96. Sept. 30: Deadline for the U.S. Congress to pass the annual federal appropriations bill funding government operations. Earnings (Estimates based on FactSet data)Nothing scheduled. Sept. 30: FTX begins $1.6 billion, third creditor payout under its bankruptcy plan through BitGo, Kraken and Payoneer. Creditors must complete KYC and tax forms to qualify. Sept. 30: Starknet (STRK) starts BTC staking on mainnet, enabling wrapped BTC tokens staking with 25% consensus weight; un-staking period cut to 7 days; rewards start. Sept. 30, 10 a.m.: U.S. Aug. JOLTS report. Openings Est. 7.1M, Quits (Prev. 3.208M). Sept. 30, 10 a.m.: U.S. Sept. CB Consumer Confidence. Est. 96. Sept. 30: Deadline for the U.S. Congress to pass the annual federal appropriations bill funding government operations. Nothing scheduled. Token Events

Sept. 30: Starknet (STRK) starts BTC staking on mainnet, enabling wrapped BTC tokens staking with 25% consensus weight; un-staking period cut to 7 days; rewards start.

Macro

Sept. 30, 10 a.m.: U.S. Aug. JOLTS report. Openings Est. 7.1M, Quits (Prev. 3.208M). Sept. 30, 10 a.m.: U.S. Sept. CB Consumer Confidence. Est. 96. Sept. 30: Deadline for the U.S. Congress to pass the annual federal appropriations bill funding government operations. Earnings (Estimates based on FactSet data)Nothing scheduled. Sept. 30: FTX begins $1.6 billion, third creditor payout under its bankruptcy plan through BitGo, Kraken and Payoneer. Creditors must complete KYC and tax forms to qualify. Sept. 30: Starknet (STRK) starts BTC staking on mainnet, enabling wrapped BTC tokens staking with 25% consensus weight; un-staking period cut to 7 days; rewards start. Sept. 30, 10 a.m.: U.S. Aug. JOLTS report. Openings Est. 7.1M, Quits (Prev. 3.208M). Sept. 30, 10 a.m.: U.S. Sept. CB Consumer Confidence. Est. 96. Sept. 30: Deadline for the U.S. Congress to pass the annual federal appropriations bill funding government operations. Nothing scheduled. Token Events

Sept. 30, 10 a.m.: U.S. Sept. CB Consumer Confidence. Est. 96.

Sept. 30: Deadline for the U.S. Congress to pass the annual federal appropriations bill funding government operations.

Earnings (Estimates based on FactSet data)

Nothing scheduled. Sept. 30: FTX begins $1.6 billion, third creditor payout under its bankruptcy plan through BitGo, Kraken and Payoneer. Creditors must complete KYC and tax forms to qualify. Sept. 30: Starknet (STRK) starts BTC staking on mainnet, enabling wrapped BTC tokens staking with 25% consensus weight; un-staking period cut to 7 days; rewards start. Sept. 30, 10 a.m.: U.S. Aug. JOLTS report. Openings Est. 7.1M, Quits (Prev. 3.208M). Sept. 30, 10 a.m.: U.S. Sept. CB Consumer Confidence. Est. 96. Sept. 30: Deadline for the U.S. Congress to pass the annual federal appropriations bill funding government operations. Nothing scheduled. Token Events

Sept. 30: FTX begins $1.6 billion, third creditor payout under its bankruptcy plan through BitGo, Kraken and Payoneer. Creditors must complete KYC and tax forms to qualify.

Sept. 30, 10 a.m.: U.S. Aug. JOLTS report. Openings Est. 7.1M, Quits (Prev. 3.208M).

Nothing scheduled.

Token Events