Bitcoin, Ethereum, and Dogecoin recently recorded significant rally on Sunday evening, leading to an unexpected liquidation of over $100 million. The unexpected surge coincides with the beginning of “Uptober,” a term signifying the historically bullish trend of cryptocurrencies in October.
Bitcoin (BTC) saw a 3.72% increase, valuing the cryptocurrency at $28,067, while Ethereum (ETH) and Dogecoin (DOGE) experienced rises of 2.80% and 2.13%, reaching values of $1,725 and $0.063 respectively.
Uptober and the Potential Approval of Bitcoin ETF
The surge in cryptocurrency value aligns with the onset of Uptober. The anticipated approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC) further bolstered the rise, infusing optimism into the crypto market.
Data from CoinGlass shows that 29,132 traders faced significant liquidation within the last 24 hours. This liquidation totals an astonishing $110.21 million, with over $70 million liquidated in shorts, primarily on Huobi, involving the BTC-USDT pair valued at $8.39 million.
In the last 24 hours, a significant cryptocurrency pump led to the abrupt liquidation of $400 million in Bitcoin shorts and $200 million in Ethereum shorts, signaling a sharp market upturn and catching many traders off guard.
Wtf just happened.$400m $BTC shorts liq'd.$200m $ETH shorts liq'd. pic.twitter.com/WbxRmy9kgu
— Byzantine General (@ByzGeneral) October 1, 2023
In addition to this, pump and dump schemes have been a recent concern in the cryptocurrency market. These scenarios, where asset prices are artificially inflated and then abruptly plummet, have been notably evident with tokens such as $C98, as manipulated by entities like DWF Labs. The occurrence of such schemes has reinforced the importance of staying abreast with market dynamics for traders and investors alike.
Crypto Market Shows Positive Trends
Solana, Render and ThorChain were the top gainers in the last 24 hours, with increases of 7.90%, 7.45%, and 6.65%, respectively. The global crypto market capitalization now stands at $1.05 trillion, marking a 0.80% increase in the last day.
In U.S., stock futures saw a rise as trading began after a temporary agreement was reached to prevent a government shutdown, with Dow Jones, S&P 500 and Nasdaq futures all seeing increases.
Crypto analysts, including Michael Van de Poppe and Miles Deutscher, express a bullish outlook for October and the fourth quarter in general. Predictions include Bitcoin potentially reaching $40,000, fueled by ETF approvals and the pre-halving rally.
As October progresses, anticipation builds regarding the impact of possible ETF approvals and further cryptocurrency value increases. The sudden surge in Bitcoin, Ethereum and Dogecoin values and the substantial liquidation mark a robust start to Uptober, setting an optimistic tone for the fourth quarter in the crypto market.
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