Bitcoin steadies above $84,000 after strong third quarter performance
- Bitcoin steadied above $84,000, trading at $84,626.50 as of 01:39 ET on Sunday, according to Investing.com data.
- The token gained roughly 43.5% during the third quarter, climbing from about $58,500 at the start of July.
- Institutional adoption drew renewed focus after Strategy Chairman Michael Saylor called for U.S.
Bitcoin steadied above $84,000, trading at $84,626.50 as of 01:39 ET on Sunday, according to Investing.com data. Bolstered by higher spot volumes and institutional interest, the digital asset neared the conclusion of its second-highest-performing third quarter ever recorded.
Quarterly Performance and Market Resilience
The token gained roughly 43.5% during the third quarter, climbing from about $58,500 at the start of July. That performance marked Bitcoin’s strongest third quarter since 2017, when it gained about 80%, according to data cited by Bitcoin.com.
Ether climbed roughly 71% over the same quarter, putting it on course for its strongest third quarter on record. Bitcoin weathered a large quarterly options expiry on Friday without major disruption. Spot trading activity increased as September drew to a close, and profit-taking remained relatively restrained.
Institutional Proposals and Regulatory Standards
Institutional adoption drew renewed focus after Strategy Chairman Michael Saylor called for U.S. banks to expand their involvement in Bitcoin. MicroStrategy’s founder advocates for banking institutions to facilitate Bitcoin safekeeping and cryptocurrency-secured loans, maintaining that current capital rules hinder broader market involvement.
Saylor specifically urged authorities to reconsider the 1,250% risk weight assigned to the most volatile classification of digital assets within international banking frameworks. Furthermore, he contended that policymakers ought to differentiate between financial institutions safeguarding customer bitcoins, extending loans against those holdings, and taking on direct positions utilizing their own balance sheets.
Security Incidents and Exchange Operations
Crypto security risks remained in focus following a $387.5 million hack of Bitget. By Saturday, reporting from CoinDesk indicated that the culprit had transferred approximately $83 million worth of pilfered XRP away from three storage addresses, leaving roughly $75 million still sitting in the original wallets.
Because the built-in safeguards enabling issuers to freeze tokens do not apply to the XRP Ledger’s native asset, Ripple lacks the ability to directly lock the stolen XRP funds. Exchanges can restrict accounts receiving stolen funds. Bitget stated that its protection fund covers the losses and that customer balances remain unaffected. Bitcoin withdrawals are scheduled to resume Sept. 28, followed by ether withdrawals Sept. 29 and USDT on Sept. 30.