The crypto market rose cautiously at the beginning of September, on the hopes of lower inflation figures and Ethereum driving outperformance again in the run up to the Merge upgrade. The disappointing US CPI mid-month led to a drop of over 10 percent, exacerbated by negative news about Ethereum’s centralisation after the Merge. Ether proceeded to underperform, ending the month down by 14.5 percent. Price action in the rest of the market was surprisingly muted in September despite significant macro and crypto-specific developments. Bitcoin fell by 3.1 percent for the month and the S&P Broad Crypto Market Index dropped by 6.5 percent.
Read our House View report below, where the Sygnum Asset Management team review news, trending topics and regulation that are influencing the digital asset markets. The Sygnum sentiment analysis and the market analysis gives a month-by-month performance overview for several of the top crypto assets.
The Sygnum House View is available to professional and private qualified Swiss investors. For other updates on the digital asset markets, read our Insights articles here.
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