Bitcoin and Ethereum Surge Amidst Cybersecurity Concerns
- Bitcoin gained approximately 6.5% in September, nearing $87,000 in early October, with U.S. spot Bitcoin ETFs seeing their strongest weekly inflow of $2.39 billion.
- The cryptocurrency industry suffered losses of $766.49 million from 55 major attacks in September, primarily due to incidents involving Bitget and Liquid Network.
- Bitget CEO Gracy Chen confirmed plans for an initial public offering in about three years despite a significant cyberattack costing $387.5 million.
- Ethereum rose nearly 9% in September, surpassing $2,700, with U.S. spot Ethereum ETFs attracting $689.88 million during the month.
- Citi increased its Bitcoin price forecast to $113,000 over the next year based on anticipated ETF inflows and favorable macroeconomic conditions.
The recent surge in Bitcoin and Ethereum prices reflects strong institutional demand amidst significant cybersecurity challenges facing the crypto sector, highlighted by a record loss of nearly $770 million due to attacks last month.
As of early October, Bitcoin was trading at approximately $85,140 after a notable rise driven by ETF inflows and market dynamics.(Source)
