Uptober Has Begun in Cryptocurrencies!

Economic Calendar of the Week:

Uptober, which also started strong in 2024, is attracting attention with upward movements in Bitcoin prices. During this period, the significant interest of institutional investors has considerably boosted Bitcoin’s value. Uptober gets its name from the combination of the English words “up” and “October.” It is known as a period when Bitcoin prices tend to rise every year in October. Although it’s predicted that prices may reach new highs towards the end of this year, investors should remain cautious due to market volatility. Looking at Bitcoin’s Uptober history, this month has generally been profitable. Therefore, October has always been filled with opportunities for Bitcoin investors, but it also carries some risk.

So, what is Bitcoin’s Uptober history? Let’s add the table right away:

https://bitcoinmonthlyreturn.com/

When looking at the table, it is evident that Bitcoin’s performance in October from 2013 to 2024 has generally followed a positive trend. Bitcoin’s price movements often show upward trends during this period, which investors commonly refer to as “Uptober.” Notably, years like 2017, with a gain of 47.94%, and 2021, with a gain of 39.99%, are some of the standout years that have cemented Uptober’s reputation. During these years, Bitcoin caused significant fluctuations and speculative buying in global crypto markets, presenting lucrative opportunities for investors. As for 2024, the month started with a 0.23% increase, and considering historical data, this beginning could signal a larger upward trend. Typically, Uptober stands out with stronger price movements towards the middle of the month, and the increasing interest from institutional investors during this period has often led to significant price surges.

Let’s evaluate Bitcoin using ITB analytics available on our EgeMoney website :
Currently, 89% of investors are in profit, indicating that the majority of the market is making gains at current prices. The percentage of those at a loss is 0%, which signals a positive environment for investors. The influence of large investors, or “whales,” on the market is 12%. Furthermore, 70% of investors hold their assets for more than 1 year, 24% hold them for 1-12 months, and only 6% hold them for less than 1 month. This shows that the majority of investors are long-term and have confidence in the asset.

The Mystery of Satoshi Nakamoto Unveiled

HBO’s highly anticipated documentary Money Electric: The Bitcoin Mystery, directed by renowned filmmaker Cullen Hoback, is set to be released on October 8, 2024. This documentary aims to unravel one of the biggest mysteries in the crypto world by investigating the identity of Bitcoin’s enigmatic creator, Satoshi Nakamoto. Hoback, known for his successful project Q: Into the Storm, embarks on a global investigation to uncover Nakamoto’s true identity. The documentary delves into the immense financial power attributed to Nakamoto, who is believed to control approximately 1.1 million Bitcoins. It explores how Bitcoin has revolutionized the global financial system and addresses questions such as why Nakamoto suddenly disappeared. Additionally, the film examines whether Nakamoto still has access to this wealth and the potential impacts on Bitcoin’s future. If this documentary truly uncovers Nakamoto’s identity, the consequences could resonate far beyond the crypto world, having significant implications for the global economy and political landscape.

Ripple Appeal Process

The SEC-Ripple case resumed on October 2, 2024, when the SEC filed an appeal. According to XRP advocate attorney Fred Rispoli, the appeal process could extend into 2025. While the SEC is expected to submit its documents by December 2, 2024, this deadline may be extended by 30 days. Ripple has also announced that it will file a cross-appeal, with both parties expected to submit their briefs by February or March 2025. Rispoli anticipates that oral arguments may begin in September or October 2025, with a verdict likely to be announced by early 2026. However, if the court dismisses the appeal, the case could be closed by 2024. Following these developments, XRP’s price dropped by 14.15%, falling to $0.5150. The outcome of the Ripple case is crucial not only for XRP but for the entire crypto market, as the court’s decision could set a precedent for other cryptocurrencies.

Trump’s Chances of Winning Rise

On October 6, 2024, Donald Trump held another campaign rally in Butler, Pennsylvania, where he survived an assassination attempt in July. Tesla and SpaceX CEO Elon Musk also attended the rally, publicly endorsing Trump. When Musk took the stage, he emphasized that the 2024 elections represent a critical turning point for American democracy, stating, “Trump has to win, or this might be the last election.” Musk accused Democrats of stifling free speech and praised Trump as the leader who would protect democracy.

Donald Trump’s chances of winning the 2024 presidential election have risen to 50.6% on the decentralized prediction platform Polymarket, surpassing Kamala Harris’s 48.4%. This surge occurred after Joe Biden withdrew from the race, leading to increased bets on both Trump and Harris. As Trump’s odds have improved on Polymarket, Harris’s numbers have declined, positioning Trump as the current favorite.