Coinbry

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Uptober Arrives: Bitcoin and Ethereum Experience Sudden Surges, Resulting in $70M Short Liquidation

Uptober Arrives: Bitcoin and Ethereum Experience Sudden Surges, Resulting in $70M Short Liquidation

– The price of Bitcoin and Ethereum experienced a sudden surge of nearly 4% in just a 15-minute window.

– This unexpected jump led to bullish predictions for the remainder of October.

– Over $70 million in crypto shorts were liquidated as a result of the price increase.

– Bitcoin rose 3% from $27,100 to $28,053 before settling just below $28,000.

– Ethereum’s native currency Ether also saw a surge, gaining as much as 4.7%.

– The sudden movement has left many in the community puzzled, with some speculating that “someone knows something.”

– “Uptober” refers to October being historically a bullish month for cryptocurrencies.

– The potential approval of a spot Bitcoin ETF by the SEC is one event that the market is optimistic about.

– Short sellers faced losses, with over $70 million worth of shorts liquidated in just two hours.

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