The cryptocurrency market experienced an unexpected surge in prices of Bitcoin and Ethereum on October 1st. Both prominent digital currencies saw a value increase of almost 4% within a short period of 15 minutes. This rapid surge led to a massive liquidation, which wiped out more than $70 million worth of cryptocurrency short positions. The rise in prices has been attributed to the start of “Uptober”, a term used in the crypto circles which points to the historical trend that October is an up month. Others speculate that some may be privy to information that is not known to the majority. In addition, there is considerable relief in the political arena as the US government has successfully averted a potential shutdown, which bolsters the hope for a continuation of the discussions on the Bitcoin Spot ETF. This steady progress towards a possible approval of a Bitcoin Spot ETF by the United States Securities and Exchange Commission (SEC) could give an additional boost to the Bitcoin price and further enhance the already lively market sentiment. Historical data from CoinGlass supports the “Uptober” theory. Since 2013, October has rarely disappointed crypto enthusiasts and has only delivered negative returns twice. Moreover, the positive news about the stability of the US government and the continuation of the discussions on the Bitcoin Spot ETF will only further amplify the current market optimism. For holders of spot and long positions, these factors together create a favorable environment. Short sellers, however, were faced with challenges as a result of these events, with short positions worth $70 million being liquidated.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 8 |
| People | None |
| Companies | FAC, CoinGlass, eToro, United States Securities and Exchange Commission (SEC), FINRA |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
