Bitcoin ends October down 4% after volatile ‘Uptober‘
Bitcoin closed October with a 4% decline, reversing a month that began with a surge to a new all-time high of nearly $124,000 on Oct. 3. The cryptocurrency’s October performance was marked by critically important volatility, including a dramatic market crash on Oct. 10 that wiped out over $19 billion in traders’ positions – the largest crypto liquidation event ever recorded by coinglass.
Despite early optimism fueled by predictions of a bullish “Uptober,” a late-month slump tempered gains. The downturn followed a threat from former President Donald Trump to impose a 100% tariff on Chinese goods, though he later softened his stance. While market strategist Kruger at LMAX Group remains optimistic, citing historically strong Q4 performance for crypto, the recent volatility underscores the asset class’s sensitivity to geopolitical events and macroeconomic factors.
The initial October rally saw enthusiastic predictions, with one crypto enthusiast posting on X, ”Uptober is hear now. Don’t sell too early. We’re about to get rich!” However, the subsequent crash highlighted the risks inherent in the volatile crypto market. The liquidation event on Oct. 10 saw over $19 billion in positions erased, according to CoinGlass data.
Kruger believes Bitcoin and Ethereum (ETH) still have potential to push toward record highs before the end of the year,building on the typical seasonal strength seen in the fourth quarter.
