Happy Uptober to those who celebrate.
— The Wolf Of All Streets (@scottmelker) October 2, 2023
Remember 2021? pic.twitter.com/qgHy1ThGOf
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Bitcoin and Ethereum soar: Make way for the crypto Uptober!
Mon 02 Oct 2023 ▪
3
min read ▪ by
Getting informed
▪
October starts off on a high note for cryptocurrency enthusiasts. We’re referring to the sudden rally that is currently propelling Bitcoin and Ethereum to new highs. Dubbed ‘Uptober,’ this unexpected surge is triggering optimistic forecasts within the crypto community. Leading up to it, the market has seen over $70 million in liquidated crypto shorts in just a matter of hours.
Crypto Uptober: Explosive Start for Bitcoin and Ethereum
October kicks off on an exceptional note for the crypto market, thanks to the arrival of Uptober. This period of anticipation and optimism has been catalyzed by the approval of Ethereum ETFs. These developments have indeed triggered a wave of massive buying, propelling Bitcoin and Ethereum in just a matter of hours.
According to TradingView data, the price of Bitcoin surged by 3% in just 15 minutes. It went from $27,100 to $28,053. Similarly, Ethereum reached $1,755, marking an impressive increase of 4.7%.
Given these lightning-fast movements of Bitcoin and Ethereum, many analysts agree: the start of October promises to be historic!
The potential approval of ETFs will undoubtedly boost the growth of Bitcoin and Ethereum
The potential approval of ETFs (Exchange-Traded Funds) by the SEC is giving a fresh impetus to crypto investors. Traders and experts are sharing tangible optimism, supported by the discreet accumulation of Tether (USDT) by Bitcoin whales.
According to Michaël van de Poppe, a renowned analyst, Bitcoin could reach the $40,000 mark. This outlook is gaining credibility with the ongoing support of institutional investors and positive developments on the regulatory front.
Crypto Market Movements Analysis: Short-Term Opportunities and Risks
The recent massive liquidation of over $70 million in short positions within two hours highlights the immediate and sometimes unpredictable impact of Uptober on the crypto market. While rapid movements offer lucrative opportunities, they also expose crypto traders to considerable risks.
Long-term optimism, however, remains intact. The increase in Bitcoin whale holdings is evidence of this. They have reached a total of 13.03 million BTC in 2023.
Uptober has begun with exceptional strength, propelling Bitcoin and Ethereum to the top of the crypto market. Despite the promises, crypto investors must remain vigilant due to potential volatility stemming from upcoming macroeconomic decisions.
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Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.