Connect with us

Hi, what are you looking for?

Crypto

Bitcoin, Ethereum Surprisingly Pumps, Wiping $70M In Shorts

Image Source: Hi my name is Jacco / Shutterstock

On October 1, there was a surprise jump in the price of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies, resulting in over $70 million in crypto shorts being liquidated.

Bitcoin experienced a 3% surge in just 15 minutes, going from $27,100 to $28,053, before settling just below $28,000 at the time of publication. The price of Ethereum’s native currency, Ether, also saw a spike, gaining as much as 4.7% to reach $1,755, and then leveling out to $1,727.

This sudden price movement puzzled many in the community, with some attributing it to the arrival of “Uptober.”

Others speculated that someone might have insider information prompting the price movement.

“Uptober” is a term used in the crypto community to describe October as a bullish month for Bitcoin and other cryptocurrencies. Since 2013, October has only seen negative monthly returns twice, according to data from CoinGlass.

One event that the crypto market is optimistic about is the potential approval of a spot Bitcoin ETF product by the United States Securities and Exchange Commission. However, analysts believe that January 2024 is the most likely time for such an announcement.

Related: Will Bitcoin ‘Uptober’ bring gains for MKR, AAVE, RUNE and INJ?

While spot and long position holders celebrated the significant price action after a month of stagnation, short sellers faced losses.

Within two hours, the rapid increase in price resulted in the liquidation of $70 million in short positions.

According to data from Coinglass, about $36 million worth of BTC shorts and $23 million worth of ETH shorts were affected by the sudden price move.

Image Source: Hi my name is Jacco / Shutterstock

You May Also Like

News

Peloton, known for their stationary exercise bikes and treadmills, has faced significant financial challenges over the past year. The company experienced a surge in...

News

Amid the ongoing global supply chain challenges, many retailers in the United States are grappling with surplus seasonal stock, leading to increased storage costs...

News

With the continuous increase in gas prices, a decrease in consumer confidence, and the ongoing conflict in Ukraine, the European economy faces significant challenges....

News

As the demand for electric vehicles grows and the push for environmental sustainability increases, automakers are gearing up to focus more on the development...

News

Today, Brian Armstrong, the CEO of Coinbase, conveyed to his team through a company-wide email that due to declining stock and crypto values and...

News

Recently, Peiter “Mudge” Zatko, a former cybersecurity specialist at Twitter, published a whistleblowing document on the platform. Zatko highlighted several security issues with Twitter,...

News

Zelle is a popular peer-to-peer payment service that allows individuals to send and receive money, similar to apps like Venmo. It is widely used,...

News

Recently, after Chinese President Xi Jinping secured a third term, there was a sharp decline in the stock market in Hong Kong. Investors became...