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Bitcoin has surged past the $27,000 mark this September, marking a notable price milestone

September 20, 2023: On Monday, Cryptocurrency prices saw a widespread increase, with Bitcoin surpassing $27,000 for the first time this month.

 According to Coin Metrics, Bitcoin was marginally higher, trading at $26,685.97, with an earlier peak of nearly 4% at $27,403.17. Ether also showed a slight gain, trading at $1,635.90.

The reason behind this surge wasn’t immediately apparent. Still, there was a notable spike in trading volume during the Asian market’s opening hours, as mentioned by Dessislava Aubert, senior research analyst at crypto data provider Kaiko.

 She noted that in the current environment of low liquidity, even modest buying and selling pressures could amplify spot price movements and trigger liquidations in derivative markets.

Bitcoin has experienced about a 4% increase in value for September.

 This surge in volume coincided with a report from Japan’s Nikkei, which stated that the Japanese government intends to permit startups to sell digital tokens to venture capital funds in addition to traditional assets like shares and stock options.

These cryptocurrency movements come amid a rising stock market ahead of the Federal Reserve’s two-day policy meeting, which will conclude later this week. Market expectations are leaning heavily toward the Fed maintaining interest rates, with only a 31% probability of a rate hike in November, according to the CME Group’s FedWatch tool.

Despite some bearish sentiment among investors,

Bitcoin has seen its first consecutive weekly gains since May. However, there is concern about its long-term momentum due to its 50-day moving average trending lower since August and crossing below its 200-day moving average.

The gains observed on Monday have contributed to Bitcoin’s 4% increase for the month.

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