Bitcoin Rises to $57K as ETFs End Losing Streak

CoinDesk 20 Index: 1,817.62 +2.4%Bitcoin (BTC): $57,160 +3.54%Ether (ETH): $2,349.98 +1.54%S&P 500: 5,471.05 +1.16%Gold: $2,504.83 −0.07%Nikkei 225: 36,159.16 −0.16%

Bitcoin (BTC) is trading just above $57,000, up 5% in the last 24 hours, outperforming the CoinDesk 20 Index’s 4.2% gain.

Ether (ETH) is trading inversely to bitcoin and the broader market, rising just 3% to $2,341. The crypto gains come as U.S. stocks, which have also been on a tear over the past week, have made significant progress. Yesterday’s data showed the Nasdaq and S&P 500 both gaining 1.15%.

Despite today’s big jump, bitcoin is down about 3% in September. The cryptocurrency is reportedly down 20% from its record high of $73,000 set in March.

BTC and ETH options listed on derivatives exchange Deribit are trending bearishly, suggesting that investors remain concerned about crypto price weakness in the short-term.

“Given the pace of last week’s decline, the market is still very cautious about downside risk,” QCP’s market insights team wrote in a Telegram post. Investor concerns could be related to the Fed’s interest rate cycle.

The central bank is expected to cut interest rates by 25 basis points next week, so price rallies may be temporary until the Fed meeting.

Blockchain data provider Nansen has acquired staking platform StakeWithUs, as CEO Alex Svanevik announced that they want to move beyond providing data and work towards providing investment services for institutions and retail traders.

Although the exact amount of the acquisition was not disclosed, a spokesperson for the company reportedly mentioned a seven-figure figure. Backed by the Singapore government’s innovation project SGinnovate, StakeWithUs offers staking on multiple blockchains. Following its integration, Nansen will offer non-custodial staking for over 20 assets, including SOL, SUI, OSMO, and ATOM.

The chart shows the session-by-session price performance of ether over the last four weeks. Ether is down over 12% in a month, with most of the losses occurring during US trading hours, while Asia-Pacific hours have put upward pressure on the cryptocurrency. Source: Velo Data