More than $70 million worth of cryptocurrency was suddenly liquidated after a surprise jump in the price of Bitcoin (btc), Ethereum (ETH) and other cryptocurrencies on October 1.
According to data from TradingView, the surge saw Bitcoin rise 3% in just 15 minutes from $27,100 to $28,053 before stabilizing just below the $28,000 mark at press time.
Happy October to those who celebrate.
Do you remember 2021? pic.twitter.com/qgHy1ThGOf
- The wolf of all the streets (@scottmelker) October 2, 2023
Similarly, the price of Ethereum's native coin Ether also rose, gaining as much as 4.7% in a brief surge to $1,755 before stabilizing at $1,727 at press time.
The sudden move has left most of the community scratching their heads. Many commentators said the move aligned with the arrival of โUptober.โ
Welcome to Uptober.
Welcome to Q4, which leads to a big quarter, potentially driven by ETF approvals and the pre-halving rally.
Potentially #Bitcoin at $40,000 it's reasonable.
โMichaรซl van de Poppe (@CryptoMichNL) October 1, 2023
Other community members He suggested that โsomeone knows somethingโ that others don't.
Uptober is crypto-speak for saying that October is typically a bullish month for the price action of Bitcoin and other cryptocurrencies. According data According to CoinGlass, October has only produced negative monthly returns twice since 2013.
One of the events that the crypto market looks at with optimism is the possible approval of a spot Bitcoin ETF product by the United States Securities and Exchange Commission. However, most analysts are pointing out January 2024 as the most probable date for such an announcement.
Related: Will Bitcoin 'Uptober' bring profits for MKR, AAVE, RUNE and INJ?
Meanwhile, while those holding spot and long positions may have celebrated the first significant price action in over a month, short sellers have had the opposite luck.
The rapid rally saw $70 million in short positions liquidated in just two hours.
According data From Coinglass, nearly $36 million in BTC shorts and $23 million in ETH shorts were โrejectedโ by the sudden price movement.
Magazine: Blockchain Detectives: The Mt. Gox Collapse Birthed Chainalysis
Post navigation
