😃"Uptober" is coming!

🚀The price of Bitcoin and Ethereum has surged by nearly 4% in just 15 minutes, prompting bullish forecasts for October.

💰According to CoinMarketCap data, the sudden pump caused Bitcoin to rise by 4.29% in just one day, from $27,100 to $28,320.

📈Similarly, the price of Ethereum's native currency, Ether, also saw a growth of 3.20% during a brief spike to $1,755 before stabilizing at $1,733 at the time of this publication.

🤔The abrupt movement left many members of the community scratching their heads. Many commentators attributed this move to the emergence of "Uptober."

💹Uptober is a cryptographic term for October, which is typically a bullish month for Bitcoin and other cryptocurrencies. According to CoinGlass, October has only delivered negative monthly returns twice since 2013.

😅Meanwhile, while spot and long position holders may have celebrated the first significant price movement in over a month, short sellers had the opposite luck.

💥As a result of the rapid rise, short positions worth $70 million were liquidated in just two hours.

🔒Short positions in BTC worth nearly $36 million and short positions in ETH worth $23 million, according to CoinGlass, were “closed out” by the sudden price movement.

📚💡Disclaimer: The information used in this post was sourced from CoinGlass and CoinMarketCap. Do not consider the information in this post as financial advice, and before making any investment decisions, conduct your own research.