Bitcoin Surges in “Uptober,” Approaches Record High
- Bitcoin reached a peak of $123,855 on Friday but did not surpass the all-time high of $124,128 set in August.
- The cryptocurrency rose from about $120,000 to its recent peak, marking an increase of more than 11% over the past week.
- $153 million worth of Bitcoin shorts were liquidated over the last day as traders betting against its rise faced losses.
- Overall, $499 million worth of crypto positions were liquidated in the last day, with shorts accounting for $294 million.
- The surge coincides with hopes that the Federal Reserve will cut interest rates again this month.
Bitcoin’s price has seen significant gains since October began, driven by market dynamics and potential interest rate cuts by the Federal Reserve. The cryptocurrency’s appeal as a safe haven asset is growing amid economic uncertainties.
Despite falling short of breaking its record high, Bitcoin’s recent surge reflects strong investor interest and market optimism during “Uptober.” (Source)
