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 The price of Bitcoin and Ethereum surged nearly 4% in just a 15-minute window, sparking bullish predictions for the remainder of October. 
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 More than $70 million in crypto <a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a>s were <a rel="noopener noreferrer nofollow" title="suddenly" href="https://thebittimes.com/tag/suddenly.html">suddenly</a> liquidated after a surprise jump in the price of Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies on Oct. 1. 
 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. 
 <blockquote class="twitter-tweet"> 
 Happy Uptober to those who celebrate. Remember 2021? pic.twitter.com/qgHy1ThGOf— The Wolf Of All Streets (@scottmelker) October 2, 2023 
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 Similarly, the price of Ethereum’s 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. 
 The sudden movement has left most in the community scratching their heads. Many commentators said the move aligned with the arrival of “Uptober.” 
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 Welcome to Uptober. Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. Potentially #Bitcoin to $40,000 is reasonable.— Michaël van de Poppe (@CryptoMichNL) October 1, 2023 
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 Other community members suggested that “someone knows something” that others don’t. 
 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. 
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 <img src="https://cdn.thebittimes.com/images/2023/10/02/6c4926e211d1492d7848f288f67fdab1.webp"> 
 <figcaption style="text-align: center;"> Bitcoin monthly returns since 2013. Source: Coinglass. 
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 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. 
 Related: Will Bitcoin ‘Uptober’ bring gains for MKR, AAVE, RUNE and INJ? 
 Meanwhile, while those holding spot and long positions may have celebrated the first significant price action in over a month, <a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a> sellers have had the opposite luck. 
 The rapid uptick saw $70 million in short positions liquidated in just two hours. 
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 <img src="https://cdn.thebittimes.com/images/2023/10/02/d58f92689450a75a0669c7ffdca696a7.webp"> 
 <figcaption style="text-align: center;"> More than $70 million worth of shorts were liquidated in the last 2 hours. Source: Coinglass 
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 According to data from Coinglass, nearly $36 million worth of BTC <a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a>s and $23 million worth of ETH <a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a>s were “rekt” by the <a rel="noopener noreferrer nofollow" title="sudden" href="https://thebittimes.com/tag/sudden.html">sudden</a> price move. 
 Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/is-uptober-here-bitcoin-ethereum-suddenly-pumps-wiping-70m-in-shorts-tbt64769.html">https://thebittimes.com/is-uptober-here-bitcoin-ethereum-suddenly-pumps-wiping-70m-in-shorts-tbt64769.html</a>

Is Uptober here? Bitcoin, Ethereum suddenly pumps, wiping $70M in shorts

TheBitTimes

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