- Bitcoin and Ethereum witness a significant price surge of nearly 4% within a brief 15-minute span, following the US government’s averted shutdown.
- The political stability aids in continuing the Bitcoin Spot ETF negotiations, hinting at an upbeat market sentiment for October, often dubbed “Uptober” in crypto circles.
The sudden flurry in the cryptocurrency market on October 1 caught the attention of many, as the prices of Bitcoin and Ethereum surged significantly within a small window of 15 minutes. This substantial rise led to an extensive liquidation, wiping out over $70 million in cryptocurrency short positions.
No government shutdown in the US pushes #Bitcoin's price above $28,000, as the #BTC Spot ETF decision can be negotiated. Biden signs a Stopgap Measure while BTC and #ETH wipe out $70 million in shorts in a 15-minute window.
🚀🚀🚀Uptober is here! $40,000, here we come! 🚀🚀🚀 pic.twitter.com/Qjz4BvCdkR
— Collin Brown (@CollinBrownXRP) October 2, 2023
Price Surge Amid Political Steadiness
This notable surge happened in the wake of the US government avoiding a potential shutdown, which is believed to be a positive sign for the continuation of negotiations regarding the Bitcoin Spot ETF (Exchange Traded Fund). Bitcoin’s price leaped from $27,100 to $28,053 before settling slightly below the $28,000 threshold. Concurrently, Ethereum’s Ether also saw a spike, reaching $1,755 before leveling at $1,727. These sharp movements often fuel intense speculation within the digital asset community.
The US government’s stability is a notable relief not only for the national economic landscape but also for the cryptocurrency realm. With the governance machinery in operation, the discussions surrounding the Bitcoin Spot ETF are set to continue without hindrance. The potential endorsement of a Bitcoin Spot ETF by the United States Securities and Exchange Commission (SEC) is likely to provide an additional push to Bitcoin’s price, nurturing the already optimistic market sentiment further.
The phrase “Uptober” has been buzzing within the crypto community, reflecting October’s historical trend of being a bullish month for cryptocurrencies. Historical data supports this theory with negative returns seen only twice since 2013 during this month. The positive news concerning the US government’s stability and the ongoing Bitcoin Spot ETF deliberations augments the existing market optimism. Holders with spot and long positions find these developments favorable, although, on the flip side, short sellers encountered hurdles as their positions worth $70 million were liquidated amidst these events.
The dynamics of this market scenario accentuate the interdependence of political stability and financial markets, underscoring the deep influence they can wield over each other.