October Crypto Surge Wipes Out $70 Million in Shorts

"Bitcoin and Ethereum witnessed a sudden crypto surge in October, triggering liquidation of short positions amid bullish Uptober expectations, demonstrating the market's characteristic volatility."


Worldsfeed Tech Desk: In a surprising turn of events on October 1st, both Bitcoin and Ethereum witnessed a remarkable surge in their prices, rising by nearly 4% in just a 15-minute window. This sudden uptick has sparked optimistic predictions for the month of October, a phenomenon often referred to in the crypto world as “Uptober.”

Bitcoin’s Impressive Climb

According to data from TradingView, Bitcoin’s price swiftly climbed from $27,100 to $28,053, marking a 3% increase in just a quarter of an hour. At the time of publication, it was holding steady just below the $28,000 mark at $28,305.

Ethereum Follows Suit

Ethereum’s native currency, Ether (ETH), also joined the party. It saw an impressive 4.7% spike, reaching $1,755, before settling around $1,727.

The Mystery Behind the Surge

This unexpected price surge left the crypto community puzzled. Some enthusiasts speculated that it coincided with the onset of “Uptober,” a term used to describe the historically bullish trends often seen in October for cryptocurrencies. Notably, data from CoinGlass reveals that October has only produced negative monthly returns for cryptocurrencies twice since 2013.

Hope on the Horizon

The crypto market is also keeping an eye on the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). However, most analysts are leaning towards January 2024 as the most likely time for such an announcement.

Mixed Fortunes for Traders

While long-term and spot holders celebrated this significant price action after a month of relative stability, short sellers faced adversity. The rapid uptick led to the liquidation of approximately $70 million in short positions within just two hours. CoinGlass data reveals that nearly $36 million worth of Bitcoin shorts and $23 million worth of Ethereum shorts were “rekt” (slang for liquidated) due to the sudden price movement.

This unexpected turn of events in the crypto market underscores the volatile and unpredictable nature of cryptocurrency trading, and it will undoubtedly be a topic of discussion in the days to come. As we move further into “Uptober,” many will be closely monitoring whether these bullish trends continue to hold or if further surprises await.

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