Welcome 'Uptober' – Bitcoin Rallies To A New High For The First Time In Weeks.

03 Oct 2021, 08:00

Welcome ‘Uptober’ – Bitcoin Rallies To A New High For The First Time In Weeks Bitcoin investors will be glad to bid September goodbye after nearly a month of unimpressive prices. October has started with a massive bang sending Bitcoin and other cryptocurrencies soaring to new highs. Goodbye Lows, Welcome HighsBitcoin climbed by over 10% in under 24 hours to reach $48,436 on the first day of October. For investors around the world, Uptober is in full gear and promises to be a positive month for the asset. BTCUSD Chart By TradingViewThe immediate reason for the spike in prices has been linked to a short squeeze leading to liquidations of up to $270 million in less than one hour. Cryptocurrency enthusiasts are still basking in the euphoria of Federal Reserve Chief, Jerome Powell telling congress that there is “no intention to ban cryptocurrencies”. On the other side of the world, Iran lifted the ban on Bitcoin mining while El Salvador successfully mined its first bitcoin through the use of geothermal energy from its volcanoes. Other cryptocurrencies were not left out from the price rally. ETH, ADA, XRP, and several top cryptocurrencies notched impressive gains amid the general uptrend. This global crypto market gained 5%, giving it a market capitalization of $2.09 trillion.