The cryptocurrency market starts October on a positive note
In the beginning of October, the cryptocurrency market saw a rise in prices. Bitcoin surpassed the $28,000 mark while ether briefly broke above $1,700 for the first time since late August.
Bitcoin experienced a 3% climb, reaching around $28,000 at 1:00 p.m. ET according to CoinGecko. Initially, it appeared that bitcoin’s rise was correlated with the increase in tech stocks such as the Nasdaq and S&P 500, which gained due to news of a last-minute deal to avoid a U.S. government shutdown.
However, data from The Block revealed that since September 18, bitcoin has shown little correlation with major equity indices.
Approval of multiple ether futures ETFs
Ether saw a 0.2% increase in the past 24 hours, trading at $1,684 at 1:00 p.m. ET. This surge was driven by investor anticipation following the launch of several ether futures ETFs. VanEck, Valkyrie, ProShares, and Bitwise all introduced products based on ether futures to investors on Monday. These are the first ETFs of their kind for ether futures, arriving almost two years after the debut of the first bitcoin futures ETF.
Haven1 Foundation Director Akash Mahendra believes that the SEC’s approval signifies a turning point for Ethereum, stating that it will become increasingly mainstream in a new era of cryptocurrency regulation.
Crypto markets in October
According to Yield App CIO Lucas Kiely, October is historically a positive month for the cryptocurrency market. Market insiders even refer to it as “uptober.” However, Kiely advises caution and suggests that it may be too early to expect significant price rallies without additional catalysts.
Kiely also mentions that crypto’s vulnerabilities will come into focus with the upcoming Sam Bankman-Fried trial, which will attract mainstream attention.
Hot Take: Positive start to October for cryptocurrencies
The cryptocurrency market kicked off October with gains as both bitcoin and ether saw price increases. Bitcoin showed little correlation with major equity indices, indicating its independence from traditional markets. The introduction of multiple ether futures ETFs has boosted investor anticipation and signals Ethereum’s growing prominence. October has historically been a good month for the crypto market, but it remains to be seen if these price movements will lead to a significant rally. Additionally, the upcoming Sam Bankman-Fried trial will shed light on the vulnerabilities of cryptocurrencies and may impact market sentiment.
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