Major cryptocurrencies experienced a substantial increase in value on Sunday evening, as over $100 million was unexpectedly liquidated due to a surprise surge in the price of Bitcoin.
This seems to coincide with the start of “Uptober,” a term used in the crypto world to describe the typically bullish trend of Bitcoin and other cryptocurrencies during the month of October.
One particular development that has raised optimism in the crypto market is the potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC).
Data from CoinGlass reveals that within the last 24 hours, a staggering 29,132 traders faced substantial liquidation, with the total liquidation amounting to a significant $110.21 million. Out of which, over $70 million were liquidated in shorts.
Notably, the largest liquidation occurrence was observed on Huobi, involving the BTC-USDT pair with a value of $8.39 million.
Further analysis by CoinGlass indicates that the sudden price movement resulted in approximately $38 million worth of BTC shorts and $23 million worth of ETH shorts being “rekt”.
Currently, the global crypto market capitalization stands at $1.05 trillion, a 0.80% increase in the last day.
The stock futures surged as trading commenced following a temporary agreement reached by U.S. legislators to avert a government shutdown. Dow Jones Industrial Average futures escalated by 122 points, or 0.4%. Similarly, S&P 500 futures saw a 0.4% rise, and Nasdaq 100 futures witnessed an increase of 0.6%.
The Senate successfully passed a continuing resolution mere hours before the midnight deadline on Saturday. President Joe Biden promptly signed the bill into law, ensuring that the government remains open for an additional 45 days. This extended period allows lawmakers the necessary time to finalize funding legislation.
“Investors don’t like to be run to the edge of the cliff constantly,” said Jamie Cox, managing partner at Harris Financial. With “not having a shutdown, we should see a very positive reaction in markets.”
Crypto analyst Michael Van de Poppe is bullish on the market as we enter Uptober and embark on Q4. “Welcome to Uptober. Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. Potentially Bitcoin to $40,000 is reasonable,” he said.
Welcome to Uptober.
Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally.
Potentially #Bitcoin to $40,000 is reasonable.
— Michaël van de Poppe (@CryptoMichNL) October 1, 2023
Miles Deutscher highlights that historically, October and November have proven to be the most rewarding months for Bitcoin.
Historically, October + November are the best performing months for #Bitcoin. pic.twitter.com/JvNKqrZFlZ
— Miles Deutscher (@milesdeutscher) October 1, 2023
According to Crypto Tony, the weekly closures for these assets – BTC, ETH, LINK, STX, WOO, INJ – are looking promising.
“Not to jinx it, but a first week bullish please would be fantastic.”
Produced in association with Benzinga
