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October 1 witnessed an unexpected surge in Bitcoin and Ether values, resulting in financial shocks for numerous market participants. Bitcoin's price leaped by 3% within a mere quarter-hour, transitioning from a value of $27,100 to $28,053. By the time this news was documented, the price had stabilized slightly below the $28,000 range.
Ether, which is Ethereum's native digital currency, followed a similar trajectory. It experienced a sharp rise of 4.7%, reaching up to $1,755, before finding a steadier ground at $1,727.
While the rise was a cause for celebration for some investors, others weren't so fortunate. Short sellers, in particular, faced considerable losses due to the abrupt market changes. In the span of just two hours, short positions worth a total of $70 million were eradicated. CoinGlass, a cryptocurrency data provider, revealed that Bitcoin shorts worth about $36 million and Ether shorts nearing $23 million were negatively impacted by this unforeseen market shift.
The unanticipated market dynamics left many market observers puzzled. Several noted that this price action might be a precursor to the advent of "Uptober," a term some in the community use to describe anticipated favorable market conditions in October.
Additionally, there's growing anticipation surrounding the potential nod from the United States Securities and Exchange Commission for a spot Bitcoin exchange-traded fund. Although the majority of market pundits are looking at January 2024 as the probable timeframe for such a declaration.
While certain investors cheered the surprise spike in cryptocurrency prices on October 1, short sellers encountered staggering losses, highlighting the volatile nature of the market.
Despite the sudden rise in the BTC price after a 3-month drought, some experts believe the market may not rally until a confirmation of price action when the Bitcoin halving arrives on May 2024.
