{"id":13466,"date":"2023-10-02T00:59:45","date_gmt":"2023-10-02T00:59:45","guid":{"rendered":"https:\/\/daniellalemos-com-br.builderallwppro.com\/?p=13466"},"modified":"2023-10-02T00:59:47","modified_gmt":"2023-10-02T00:59:47","slug":"is-uptober-here-bitcoin-ethereum-suddenly-pumps-wiping-70m-in-shorts","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13466","title":{"rendered":"Is Uptober here? Bitcoin, Ethereum suddenly pumps, wiping $70M in shorts"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>More than $70 million in crypto shorts were suddenly liquidated after a surprise jump in the price of Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies on Oct. 1.<\/p>\n<p>According to data from TradingView, the sudden pump saw Bitcoin surge 3% in just 15 minutes from $27,100 to $28,053 before settling down just below the $28,000 mark at the time of publication. <\/p>\n<p lang=\"en\" dir=\"ltr\">Happy Uptober to those who celebrate. <\/p>\n<p>Remember 2021? pic.twitter.com\/qgHy1ThGOf<\/p>\n<p>\u2014 The Wolf Of All Streets (@scottmelker) October 2, 2023<\/p>\n<p>Similarly, the price of Ethereum\u2019s native currency Ether also surged, gaining as much as 4.7% in a brief spike to $1,755 before leveling out to $1,727 at the time of publication.<\/p>\n<p>The sudden movement has left most in the community scratching their heads. Many commentators said the move aligned with the arrival of \u201cUptober.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Welcome to Uptober. <\/p>\n<p>Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. <\/p>\n<p>Potentially #Bitcoin to $40,000 is reasonable.<\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) October 1, 2023<\/p>\n<p>Other community members suggested that \u201csomeone knows something\u201d that others don\u2019t.<\/p>\n<p>Uptober is crypto parlance for October typically being a bullish month for the price action of Bitcoin and other cryptocurrencies. According to data from CoinGlass, October has only produced negative monthly returns twice since 2013. <\/p>\n<p><em>Bitcoin monthly returns since 2013. Source: Coinglass.<\/em><\/p>\n<p>One of the events that the crypto market is looking to with optimism is the potential approval of a spot Bitcoin ETF product by the United States Securities and Exchange Commission. However, most analysts are tipping Jan. 2024 as the most likely date for such an announcement. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Will Bitcoin \u2018Uptober\u2019 bring gains for MKR, AAVE, RUNE and INJ?<\/em><\/strong><\/p>\n<p>Meanwhile, while those holding spot and long positions may have celebrated the first significant price action in over a month, short sellers have had the opposite luck.<\/p>\n<p>The rapid uptick saw $70 million in short positions liquidated in just two hours. <\/p>\n<p><em>More than $70 million worth of shorts were liquidated in the last 2 hours. Source: Coinglass<\/em><\/p>\n<p>According to data from Coinglass, nearly $36 million worth of BTC shorts and $23 million worth of ETH shorts were \u201crekt\u201d by the sudden price move.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Blockchain detectives \u2014 Mt. Gox collapse saw birth of Chainalysis<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-ethereum-price-pump-uptober-millions-short-liquidation\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than $70 million in crypto shorts were suddenly liquidated after a surprise jump in the price of Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies on Oct. 1. According to data from TradingView, the sudden pump saw Bitcoin surge 3% in just 15 minutes from $27,100 to $28,053 before settling down just below the $28,000 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13466"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13466\/revisions"}],"predecessor-version":[{"id":13468,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13466\/revisions\/13468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13467"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}