Bitcoin entered October with a rapid rally. While Bitcoin, the asset with the highest transaction volume in the crypto market, saw its highest level in 6 weeks, other crypto assets also joined the rally. Bitcoin climbed to its highest level in the last six weeks as inflows increased at the beginning of October. While Bitcoin tested above $28,000, assets such as Ether, Litecoin and Solana also participated in the rally. Investors await the trial of Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, which is scheduled to begin Tuesday.
Bitcoin rose 4.1 percent in September, but fell 11 percent last quarter. Bitcoin has gained value in October in each of the last four years. “There appear to have been significant buying flows, likely with the start of a new accounting quarter, and the resulting movements were exacerbated by low liquidity over the weekend,” said Caroline Mauron, co-founder of OrBit Markets.
It was stated that the rally is expected to continue in October, which is generally a positive month for crypto markets, and $30,000 is the next major resistance level for Bitcoin. Hayden Hughes, co-founder of Alpha Impact, said BlackRock Inc. is still working on a deal with BlackRock Inc., even though the U.S. Securities and Exchange Commission postponed the decision last week. He said speculation that his company would approve Bitcoin ETF proposals also helped the rally.
Last week, Bankman-Fried received a negative response to another bid she made to be released from Brooklyn federal prison, days before her trial. According to CoinDesk, a wallet linked to FTX, which was hacked last November, saw activity for the first time in nearly a year, moving more than $4 million in Ether.