Bitcoin set for best quarterly performance since Q4 2024

Bitcoin was set to gain nearly 43% in the three months to September 30, its best quarterly performance since the fourth quarter of 2024

Bitcoin was marginally higher on Wednesday amid few direct cues for cryptocurrency markets, but was sitting on sharp quarterly gains amid support from U.S. regulatory hopes.

The crypto steadied after losing some ground earlier this week, as markets parsed a recent stalling in Treasury yields and little de-escalation in Iran-U.S. tensions.

Bitcoin was last up 0.3% to $83,709.5 by 21:45 GMT.

Bitcoin was set to gain nearly 43% in the three months to September 30, its best quarterly performance since the fourth quarter of 2024.

The crypto was aided chiefly by increasing optimism over U.S. regulatory approval, as moves by the Securities and Exchange Commission (SEC) helped markets largely look past the failure of the Clarity Act.

Heightened concerns over U.S. fiscal health, amid surging Treasury yields, also spurred some flows into alternative assets such as gold and Bitcoin, aiding crypto markets.

Bitcoin was also aided by top corporate holder, Strategy, resuming its purchases of the crypto during the quarter.

But surging yields still dragged Bitcoin down from eight-month highs earlier in September, especially as the U.S. central bank hiked interest rates and presented a hawkish outlook.

While a rally in yields was tempered by some weak economic data and dovish commentary on Tuesday, they still remained close to multi-year highs. The 10-year benchmark in particular remained perched above 5.2% and close to a 19-year high.

On Wednesday, a U.S. data deluge dented October central bank rate hike expectations. August readings on the bank’s preferred inflation gauge came in weaker than anticipated, with the Y/Y figures decelerating from July.