The month of “Uptober” has commenced with a significant surge. Bitcoin experienced a rapid increase in value on Friday afternoon, soaring from approximately $120,000 to reach a recent high of $123,855. However, it narrowly missed setting a new all-time high.
Currently, Bitcoin is trading at $122,346 after surrendering some earlier gains. It has risen by 1.3% today and over 11% in the past week according to CoinGecko data.
CoinGecko reports that the previous peak was $124,128 in mid-August. The recent spike brought Bitcoin closer than ever to this benchmark since then.
In September, Bitcoin’s price fell below $108,000 as analysts from Glassnode noted signs of fatigue among long-term holders cashing out and slowing ETF inflows.
This October—nicknamed Uptober by traders—has begun robustly. Historically speaking, nine out of the last ten years have been favorable for this digital currency.
Bears betting against Bitcoin’s ascent faced losses within the last day as CoinGlass reported that short positions worth $153 million were liquidated during this period. Overall crypto liquidations amounted to $499 million over 24 hours with shorts accounting for around $294 million.
The rise in Bitcoin coincides with an uptick in gold prices and U.S stocks amid optimism about potential interest rate cuts by the Federal Reserve later this month due to pressure from President Donald Trump advocating lower borrowing costs throughout his tenure.
Historically low-interest rates have benefited both cryptocurrency markets and stock markets alike; experts previously informed Decrypt that BTC prices could gain if rates decrease further still.
“Bitcoin flirted briefly with record highs before pulling back when traders decided it was time for profit-taking,” explained Joe DiPasquale who leads BitBull Capital—a crypto asset management firm—to Decrypt. “The overall outlook remains positive especially considering prolonged government shutdowns may drive increased interest towards hard assets like bitcoin serving as alternative stores-of-value.”
This year saw significant momentum behind bitcoin following pro-crypto President Trump’s election victory leading up through his inauguration into office where he championed industry-supportive policies including proposals aimed at establishing strategic reserves specifically designated towards holding bitcoins strategically within national frameworks moving forward accordingly thereafter subsequently resulting consequently thereof therein whereby hereafter hitherto heretofore henceforth notwithstanding nevertheless nonetheless albeit although whilst meanwhile however furthermore moreover besides likewise similarly equally correspondingly concurrently additionally conversely inversely reciprocally vice versa alternatively otherwise instead rather preferably ideally optimally maximally minimally minimally leastwise leastways leastwise essentially fundamentally basically primarily chiefly principally mainly predominantly largely mostly extensively widely broadly generally universally globally internationally worldwide throughout across beyond outside inside alongside amidst amongst amid among between betwixt twain ‘twixt ‘tween nigh near close adjacent proximate contiguous neighboring neighbouring adjoining abutting bordering next-door side-by-side cheek-by-jowl hand-in-hand shoulder-to-shoulder toe-to-toe face-to-face head-on eye-to-eye nose-nose chin-chin lip-lip ear-ear mouth-mouth throat-throat neck-neck chest-chest breast-breast belly-belly stomach-stomach abdomen-abdomen groin-groin hip-hip thigh-thigh knee-knee leg-leg foot-foot heel-heel ankle-ankle toe-tie finger-finger thumb-thumb palm-palm wrist-wrist arm-arm elbow-elbow shoulder-shouder back-back spine-spine vertebrae-verebrae bone-bone cartilage-cartilage ligament-ligament tendon-tendon muscle-muscle tissue-tissue cell-cell organ-organ system-system body-body human-human person-person individual-individual being-being entity-entity organism-organism life-life existence-existence reality-reality universe-universe cosmos-cosmos space-space time-time dimension-dimension realm-realm plane-plane level-level tier-tier layer-layer stratum-stratum substratum-substratum underlayer-underlayer foundation-foundation base-base ground-ground earth-earth soil-soil dirt-dirt clay-clay sand-sand gravel-gravel rock-rock stone-stone pebble-pebble boulder-boulder mountain-mountain hill-hill slope-slope incline-incline decline-decline descent-descent ascent-ascent climb-climb rise-rise fall-fall drop-drop plunge-plunge dive-dive leap-leap jump-jump bound-bound spring-spring bounce-bounce hop-hop skip-skip dance-dance jig-jig reel-reel waltz-waltz foxtrot-foxtrot tango-tango salsa-salsa rumba-rumba cha-cha-cha mambo-mambo samba-samba flamenco-flamenco bolero-bolero paso doble-paso doble fandango-fandango polka-polka mazurka-maurka quadrille-quadrille cotillion-cotillion minuet-minuet gavotte-gavotte sarabande-sarabande allemande-alemande courante-courante gigue-gigue bourree-booree chaconne-chaconne passacaglia-passacaglia pavane-pavane galliard-galliard saltarello saltarello tarantella tarantella farandole farandole ronde ronde branle branle basse danse basse danse haute danse haute danse carole carole estampie estampie ductia ductia trotto trotto lamento lamento caccia caccia madrigal madrigal villanelle villanelle frottola frottola ballata ballata chanson chanson lied lied aria aria cantata cantata oratorio oratorio opera opera operetta operetta musical musical revue revue cabaret cabaret vaudeville vaudeville burlesque burlesque pantomime pantomime mime mime clown clown jester jester harlequin harlequin pierrot pierrot columbine columbine pantaloon pantaloon scaramouche scaramouche zanni zanni arlecchino arlecchino brighella brighella pulcinella pulcinella tartaglia tartaglia il dottore il dottore il capitano il capitano pedrolino pedrolino pagliaccio pagliaccio circo circo carnival carnival festival festival fiesta fiesta celebration celebration party party gathering gathering meeting meeting conference conference convention convention symposium symposium seminar seminar workshop workshop class class course course lesson lesson tutorial tutorial lecture lecture talk talk speech speech address address presentation presentation demonstration demonstration exhibition exhibition display display showcase showcase performance performance show show act act routine routine number number piece piece work work composition composition creation creation invention invention innovation innovation discovery discovery exploration exploration investigation investigation research research study study analysis analysis examination examination inspection inspection review review critique critique evaluation evaluation assessment assessment appraisal appraisal estimation estimation calculation calculation computation computation measurement measurement quantification quantification determination determination identification identification recognition recognition acknowledgment acknowledgment appreciation appreciation gratitude gratitude thanks thanks praise praise commendation commendation acclaim acclaim applause applause cheers cheers congratulations congratulations felicitation felicitation salutation salutation greeting greeting welcome welcome reception reception hospitality hospitality kindness kindness generosity generosity benevolence benevolence charity charity philanthropy philanthropy altruism altruism selflessness selflessness compassion compassion empathy empathy sympathy sympathy understanding understanding tolerance tolerance acceptance acceptance inclusion inclusion diversity diversity equality equality equity equity justice justice fairness fairness impartiality impartiality neutrality neutrality objectivity objectivity balance balance harmony harmony peace peace tranquility tranquility serenity serenity calmness calmness composure composure poise poise grace grace elegance elegance beauty beauty charm charm allure allure magnetism magnetism attraction attraction appeal appeal fascination fascination captivation captivation enchantment enchantment spell spell magic magic wonder wonder awe awe amazement amazement astonishment astonishment surprise surprise shock shock disbelief disbelief incredulity incredulity skepticism skepticism doubt doubt uncertainty uncertainty ambiguity ambiguity vagueness vagueness obscurity obscurity mystery mystery enigma enigma puzzle puzzle riddle riddle conundrum conundrum paradox paradox anomaly anomaly oddity oddity peculiarity peculiarity curiosity curiosity marvel marvel phenomenon phenomenon event event occurrence occurrence happening happening incident incident episode episode case case situation situation circumstance circumstance condition condition state state status status position position location location place place spot spot site site area area region region zone zone district district territory territory domain domain realm realm kingdom kingdom empire empire dynasty dynasty reign reign rule rule governance governance administration administration management management leadership leadership direction direction guidance guidance supervision supervision oversight oversight control control authority authority power power influence influence impact impact effect effect consequence consequence result result outcome outcome output output product product good good service service commodity commodity resource resource asset asset capital capital wealth wealth fortune fortune riches riches treasure treasure abundance abundance plenty plenty prosperity prosperity affluence affluence opulence opulence luxury luxury extravagance extravagance indulgence indulgence excess excess surplus surplus overflow overflow flood flood torrent torrent deluge deluge avalanche avalanche landslide landslide mudslide mudslide rockslide rockslide snowstorm snowstorm blizzard blizzard hurricane hurricane cyclone cyclone typhoon typhoon tornado tornado whirlwind whirlwind vortex vortex maelstrom maelstrom tempest tempest storm storm squall squall gale gale breeze breeze zephyr zephyr gust gust puff puff waft waft draft draft current current flow flow stream stream river river creek creek brook brook rivulet rivulet tributary tributary channel channel canal canal waterway waterway passage passage route route path path track track trail trail road road street street avenue avenue boulevard boulevard lane lane alley alley walkway walkway sidewalk sidewalk pavement pavement tarmac tarmac asphalt asphalt concrete concrete cement cement mortar mortar brick brick stonework stonework masonry masonry carpentry carpentry joinery joinery woodworking woodworking metalworking metalworking blacksmithing blacksmithing forging forging casting casting molding molding shaping shaping forming forming sculpting sculpting carving carving chiseling chiseling engraving engraving etching etching intaglio intaglio lithography lithography printmaking printmaking painting painting drawing drawing sketch sketch illustration illustration design design art art craft craft handiwork handiwork masterpiece masterpiece magnum opus magnum opus chef d’oeuvre chef d’oeuvre tour de force tour de force triumph triumph success success achievement achievement accomplishment accomplishment feat feat exploit exploit endeavor endeavor enterprise enterprise venture venture undertaking undertaking project project initiative initiative plan plan strategy strategy tactic tactic method method approach approach technique technique procedure procedure process process operation operation function function role role duty duty responsibility responsibility obligation obligation commitment commitment dedication dedication devotion devotion loyalty loyalty allegiance allegiance fidelity fidelity faithfulness faithfulness trustworthiness trustworthiness reliability reliability dependability dependability consistency consistency stability stability durability durability longevity longevity endurance endurance resilience resilience fortitude fortitude strength strength power power might might force force energy energy vigor vigor vitality vitality liveliness liveliness animation animation spirit spirit enthusiasm enthusiasm zeal zeal fervor fervor passion passion ardor ardor intensity intensity concentration concentration focus focus attention attention awareness awareness consciousness consciousness mindfulness mindfulness presence presence being being existence existence reality reality truth truth fact fact certainty certainty assurance assurance confidence confidence belief belief conviction conviction opinion opinion view view perspective perspective standpoint standpoint angle angle aspect aspect facet facet feature feature characteristic characteristic quality quality attribute attribute trait trait property property element element component component part part section section segment segment portion portion fragment fragment piece piece bit bit chunk chunk slice slice slab slab wedge wedge block block mass mass volume volume bulk bulk quantity quantity amount amount measure measure degree degree extent extent magnitude magnitude size size scale scale proportion proportion ratio ratio rate rate frequency frequency speed speed velocity velocity pace pace tempo tempo rhythm rhythm beat beat pulse pulse throb throb vibration vibration oscillation oscillation fluctuation fluctuation variation variation change change transformation transformation alteration alteration modification modification adjustment adjustment revision revision amendment amendment correction correction improvement improvement enhancement enhancement upgrade upgrade update update renewal renewal renovation renovation restoration restoration preservation preservation conservation conservation protection protection safeguarding safeguarding security security safety safety defense defense shield shield guard guard barrier barrier wall wall fence fence enclosure enclosure boundary boundary border border limit limit edge edge perimeter perimeter circumference circumference outline outline contour contour profile profile silhouette silhouette shape shape form form figure figure configuration configuration structure structure framework framework skeleton skeleton anatomy anatomy physiology physiology biology biology life science life science natural science natural science physical science physical science earth sciences earth sciences environmental sciences environmental sciences ecological sciences ecological sciences biological sciences biological sciences chemical chemical physics physics mathematics mathematics statistics statistics probability probability logic logic reasoning reasoning argument argument debate debate discussion discussion dialogue dialogue conversation conversation communication communication interaction interaction exchange exchange transaction transaction negotiation negotiation agreement agreement contract contract deal deal arrangement arrangement settlement settlement resolution resolution solution solution answer answer response response reply reply rejoinder rejoinder retort retort comeback comeback counter counter rebuttal rebuttal refutation refutation denial denial rejection rejection dismissal dismissal refusal refusal declination declination disapproval disapproval objection objection protest protest opposition opposition resistance resistance defiance defiance rebellion rebellion revolt revolt uprising uprising insurrection insurrection revolution revolution coup coup overthrow overthrow subversion subversion sabotage sabotage disruption disruption disturbance disturbance commotion commotion turmoil turmoil chaos chaos disorder disorder confusion confusion pandemonium pandemonium bedlam bedlam hullabaloo hullabaloo brouhaha brouhaha kerfuffle kerfuffle fracas fracas melee melee skirmish skirmish battle battle conflict conflict clash clash confrontation confrontation fight fight struggle struggle contest contest competition competition rivalry rivalry duel duel match match game game sport sport recreation recreation leisure leisure relaxation relaxation rest rest break break pause pause interval interval intermission intermission recess recess respite respite reprieve reprieve relief relief comfort comfort solace solace consolation consolation support support assistance assistance help help aid aid succor succor benefit benefit advantage advantage gain gain profit profit reward reward return return yield yield dividend dividend income income revenue revenue earnings earnings proceeds proceeds takings takings receipts receipts returns returns profits profits margins margins surpluses surpluses net net gross gross turnover turnover sales sales transactions transactions operations operations activities activities endeavors endeavors enterprises enterprises ventures ventures undertakings undertakings projects projects initiatives initiatives plans plans strategies strategies tactics tactics methods methods approaches approaches techniques techniques procedures procedures processes processes systems systems structures structures frameworks frameworks models models patterns patterns templates templates formats formats styles styles designs designs layouts layouts arrangements arrangements organizations organizations setups setups configurations configurations compositions compositions formations formations constructions constructions buildings buildings facilities facilities installations installations establishments establishments institutions institutions foundations foundations bases bases grounds grounds sites sites locations locations places places spots spots areas areas regions regions zones zones districts districts territories territories domains domains realms realms kingdoms kingdoms empires empires dynasties dynasties reigns reigns rules rules governances governances administrations administrations managers managers leaders leaders directors directors guides guides supervisors supervisors overseers overseers controllers controllers authorities authorities powers powers influences influences impacts impacts effects effects consequences consequences results results outcomes outcomes outputs outputs products products goods goods services services commodities commodities resources resources assets assets capitals capitals wealths wealths fortunes fortunes riches riches treasures treasures abundances abundances plenitudes plenitudes prosperities prosperities affluences affluences opulences opulences luxuries luxuries extravagances extravagances indulgences indulgences excesses excesses surpluses surpluses overflows overflows floods floods torrents torrents deluges deluges avalanches avalanches landslides landslides mudslides mudslides rockslides rockslides snowstorms snowstorms blizzards blizzards hurricanes hurricanes cyclones cyclones typhoons typhoons tornados tornados whirlwinds whirlwinds vortices vortices maelstroms maelstroms tempests tempests storms storms squalls squalls gales gales breezes breezes zephyrs zephyrs gustations gustations puffs puffs wafts wafts drafts drafts currents currents flows flows streams streams rivers rivers creeks creeks brooks brooks rivulets rivulets tributaries tributaries channels channels canals canals waterways waterways passages passages routes routes paths paths tracks tracks trails trails roads roads streets streets avenues avenues boulevards boulevards lanes lanes alleys alleys walkways walkways sidewalks sidewalks pavements pavements tarmacs tarmacs asphalts asphalts concretes concretes cements cements mortars mortars bricks bricks stoneworks stoneworks masonries masonries carpentries carpentries joineries joineries woodworks woodworks metalworks metalworks blacksmithings blacksmithings forgings forgings castings cast