Bitcoin is at its highest levels in more than a month at the beginning of October
Today's Cryptocurrenices analysis on behalf of Samer Hasn Market Analyst and part of the Research Team at XS.com
October 2, 2023 (Investorideas.com Newswire) Cryptocurrencies have managed to make some notable progress with the first two days of October. Bitcoin was able to achieve gains that led it to the level of $28,227, which is the highest since late last August. Likewise, Ethereum was able to achieve noticeable gains, reaching the level of $1,755, which is also the highest level since mid-last August.
These gains in cryptocurrencies come with the bullish impression that characterizes the month of October in general, as Bitcoin has not recorded monthly losses in October since 2013 except twice, which prompted this month to be called "Uptober" within the cryptocurrency community.
The start of the new month came with more high sentiment among traders as well. According to data provided by CryptoQuant, the number of open interests of Bitcoin derivatives has risen to the highest levels since mid-August, with more than 8.442 billion contracts as of this morning at approximately 6:00 AM GMT.
While the sudden rise may cause further rises if open short positions are liquidated. This month, attention also remains on the decision of the Securities and Exchange Commission (SEC) regarding a number of applications to launch spot Bitcoin ETFs, while expectations indicate the possibility of postponing the decision on these applications until next January.
Traders also remain focused on regulatory developments and actions taken by law enforcement agencies in the United States, whether from the SEC or the Commodity Futures Trading Commission (CFTC). As more pressure from regulators on companies operating in the sector may continue to pressure market sentiment.
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