Uptober Crypto Prices Phenomenon: Historical Trends Meet Market Speculation
As October unfolds, crypto markets are still wrestling with the term 'Uptober' - for the uninitiated, "Uptober" is an amalgamation of “up” and “October”, describing the historical trend where Bitcoin, and often other major cryptocurrencies, witness a price surge in October.
As Bitcoin kicks off the month at above $28,000, its highest since mid-August, many are hopeful for a promising Uptober.
But why has this month been so significant for crypto enthusiasts?
Historical data from reveals an interesting pattern: Bitcoin has recorded gains in all but two Octobers since 2013 - the only exceptions were in 2018 and 2019.
On the flip side, September often earns the nickname 'Rektember' due to its frequent price drops.
Although past performances don't guarantee future outcomes, such trends can create self-fulfilling prophecies.
Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown, offers a seasoned perspective.
“Crypto has a spring in its step at the start of this month, which has already been given the moniker 'Uptober'", said Streeter.
"Speculation is swirling that, given past performance, there could be a positive few weeks ahead for coins and tokens.”
The rise isn't just speculative - factors such as Coinbase's recent licensing by Singapore's central bank play a role in bolstering market sentiment.
However, Streeter also warns of the dangers lurking in crypto markets, especially in the wake of the FTX exchange collapse.
“The crypto wild west is still a fragile niche in the larger financial system, where money is being bet on highly speculative assets - in this opaque world, fraud is rife, and the clamour for greater regulation will mount," added Streeter.
In the midst of this, traditional financial events will inevitably
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