{"id":23234,"date":"2023-10-02T01:02:37","date_gmt":"2023-10-02T01:02:37","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/is-uptober-here-bitcoin-ethereum-suddenly-pumps-wiping-70m-in-shorts\/"},"modified":"2023-10-02T01:02:39","modified_gmt":"2023-10-02T01:02:39","slug":"is-uptober-here-bitcoin-ethereum-suddenly-pumps-wiping-70m-in-shorts","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/is-uptober-here-bitcoin-ethereum-suddenly-pumps-wiping-70m-in-shorts\/","title":{"rendered":"Is Uptober here? Bitcoin, Ethereum suddenly pumps, wiping $70M in shorts"},"content":{"rendered":"
\n

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

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

\n

Happy Uptober to those who celebrate. <\/p>\n

Remember 2021? pic.twitter.com\/qgHy1ThGOf<\/a><\/p>\n

\u2014 The Wolf Of All Streets (@scottmelker) October 2, 2023<\/a><\/p><\/blockquote>\n

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

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

\n

Welcome to Uptober. <\/p>\n

Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. <\/p>\n

Potentially #Bitcoin<\/a> to $40,000 is reasonable.<\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) October 1, 2023<\/a><\/p><\/blockquote>\n

Other community members suggested that \u201csomeone knows something\u201d that others don\u2019t.<\/p>\n

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

Bitcoin monthly returns since 2013. Source: Coinglass.<\/em><\/figcaption><\/figure>\n

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

Related: <\/em><\/strong>Will Bitcoin \u2018Uptober\u2019 bring gains for MKR, AAVE, RUNE and INJ?<\/em><\/strong><\/p>\n

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

The rapid uptick saw $70 million in short positions liquidated in just two hours. <\/p>\n

More than $70 million worth of shorts were liquidated in the last 2 hours. Source: Coinglass<\/em><\/figcaption><\/figure>\n

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

Magazine: <\/em><\/strong>Blockchain detectives \u2014 Mt. Gox collapse saw birth of Chainalysis<\/em><\/strong><\/p>\n<\/div>\n