October Kicks Off with Bitcoin and Gold on the Rise: Americas Crypto Market Update

By Francisco Rodrigues (All times ET unless stated otherwise) The price of Bitcoin (BTC) has surged, reaching $85,528.59, and has increased by approximately 3% over the last 24 hours to $116,400, amidst the U.S. government shutdown. The broader cryptocurrency market, as indicated by the CoinDesk 20 index (CD20), has also seen a 3.5% rise. Equity markets outside of the U.S. have followed suit, despite traders exercising caution due to the shutdown. The STOXX 50 in Europe is up 0.3% in today's session, while the FTSE 100 has risen 0.7%. However, S&P 500 futures are down 0.55%, and Nasdaq futures are down 0.64%. The U.S. government shutdown may lead to delays in economic data, coupled with impending tariffs on various items, prompting investors to seek alternative stores of value. This uncertainty has driven the price of gold up 3.75% over the past week, now hovering around $3,890 per ounce. On September 30, spot crypto ETFs attracted over $550 million in net inflows, with spot Bitcoin ETFs accounting for the majority of this figure. The shift towards alternative assets occurs against a favorable macroeconomic backdrop. The Federal Reserve is widely expected to continue cutting interest rates this month, with Polymarket traders predicting an 85% chance of a 25 basis point cut, and the CME's FedWatch tool indicating a figure near 95%. Lower interest rates could make risk assets, including cryptocurrencies, more appealing to investors. Institutional involvement has also deepened amidst the changing monetary policy. BlackRock's iShares Bitcoin Trust (IBIT) has surpassed Deribit to become the top venue for Bitcoin options trading by open interest, now nearing $38 billion. "We have witnessed the convergence of both institutional backing and maturation across the Bitcoin ecosystem. Bitcoin is now more deeply embedded in the foundations of global finance, and institutional interest is at an all-time high," Dom Harz, co-founder of Bitcoin DeFi gateway BOB, told CoinDesk. "Unlike previous years, this October will see more targeted inflows, which could be a breakout moment in accelerating Bitcoin DeFi, as investors will want to do more with their Bitcoin holdings; transforming it from a static store-of-value into a yield-bearing asset class," he added. Indeed, combining Bitcoin exposure with yield appears to be emerging as a new trend. This morning, Swiss digital bank Sygnum launched a new BTC Alpha Fund, aiming to generate yield on Bitcoin without reducing exposure to the cryptocurrency's price movements. While traditional markets are likely to experience lower volatility due to the upcoming data vacuum from the government shutdown, the crypto market has a wave of spot ETF decisions to look forward to in the near future. The SEC is scheduled to make decisions on a total of 16 spot crypto ETF applications this month. Stay alert! Key Events to Watch For a more comprehensive list of events this week, see CoinDesk's week-ahead note. Token Events For a more comprehensive list of events this week, see CoinDesk's week-ahead note. Conferences For a more comprehensive list of events this week, see CoinDesk's week-ahead note. Token Talk By Oliver Knight Derivatives Positioning Market Movements Bitcoin Stats Technical Analysis Crypto Equities Crypto Treasury Companies ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors While You Were Sleeping