Historically famed for its volatility, bitcoin suddenly appears to be a beacon of calm when compared with many marquee stocks that have taken a hammering in recent weeks. In rand terms, BTC is slightly up over the month of September. In US dollar terms, it is down 3.8% over the month, which reflects the state of the weakening rand. That’s almost on a par with gold’s 3.3% decline over the last month.
Market commentator Alpha argues we are near the inflation peak and interest rates will have to be tamped down to avoid more calamity in an already perilous market. “October is the month that the bottom will be seen, if not already, because a confluence of [the] above says to me the pain colliding with the hard data will provide enough excuses to start backing down and is now in plain sight,” writes Alpha in a recent market commentary.