uptober that is, having a strong start to October, known as the rise month. Bitcoin It rose to the level of $28,500.
Behind this rise Ethereum There is optimism about wider adoption of cryptocurrencies after futures ETFs began trading yesterday.
However, those who could not continue this rise BTCdecreased by 2.5% in the last 24 hours and fell to the level of $ 27,550.
This decline also showed itself in altcoins and in the last 24 hours Ethereum (ETH) 4.1%; BNB %2; Dogecoin (DOGE) 2.7%And Caradano (ADA)decreased by 2.2%.
Evaluating this decline, Cici Lu McCalman, founder of Blockchain consultant Venn Link Partners, said: “Bitcoin price increase was short-lived as the macro environment is still hawkish on interest rates. Because the increase in US Treasury bond yields put pressure on Bitcoin. In addition, expectations are increasing that the FED will apply high interest rates for a long time to suppress inflation. Tighter financial conditions are a headwind for stocks and cryptocurrencies. “ said.
Speaking to Coindesk outside McCalman, Lucas Kiely, chief investment officer of Yield App, said:
“October is also generally a good month for the cryptocurrency market.
Bitcoin has closed at a loss in October only twice since 2013, and we hope to see a continuation of that trend this year.
However, it is a little too early to get excited about current price movements.
Because it is unlikely that a significant rally will begin without other catalysts that will move BTC.
Because the ongoing Sam Bankman-Fried feud could take things either way.”
Finally Bitfinex analysts also BTC He evaluated the possibility of a possible rally for .
At this point, analysts say that long-term investors continue to increase their assets, which increases demand. “BTC held by long-term holders continues to reach new highs as short-term holders sell. “This may cause volatility to move upwards for cryptocurrencies soon.” said.
*This is not investment advice.
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