# 'Uptober' Hopes Return as Bitcoin Price Blasts Past $65,000

Source: https://decrypt.co/286109/uptober-hopes-return-bitcoin-price-65000
Kiwi News: https://news.kiwistand.com/stories/Uptober-Hopes-Return-as-Bitcoin-Price-Blasts-Past-dollar65000?index=0x670d4499f9272efccb77bc99955147ede2584682a19854526210bc6f2903c28207ca86d5
Submitted by misha on 2024-10-14 UTC, 4 upvotes, 1 comment

## Summary

Bitcoin surged past $65,000 per coin early Monday and is now just above $66,000, according to CoinGecko data, its highest level since September 27. The rally comes after a slow start to "Uptober," the name traders give October for its historically large gains, and the coin is up more than 6% in 24 hours and over 10% in 30 days. The article links the renewed buying to money flowing back into new Bitcoin exchange-traded funds after the Federal Reserve cut interest rates last month. Ethereum rose nearly 6% to $2,595 and Solana rose nearly 6% to $155.

## Article

The price of Bitcoin surged past $65,000 per coin for the first time this month early Monday, with CoinGecko data showing that the leading crypto asset is now just above the $66,000 mark as well.

Bitcoin was last trading this high on September 27. The biggest virtual coin by market cap got off to a slow start at the beginning of "Uptober"—what traders call October because of the historically large gains they typically see during the month—but it is now up more than 6% in 24 hours.

In the past 30 days, Bitcoin has risen by over 10%. Earlier this month, the asset dropped as low as $59,000.

Money has flowed back into new Bitcoin exchange-traded funds (ETFs) following the Federal Reserve's decision last month to cut sky-high interest rates.

Bitcoin and other cryptocurrencies behave like "risk-on" assets, which typically perform better when interest rates are lower.

Elsewhere, Ethereum's price has risen nearly 6% in the past day and currently stands at $2,595 per coin. Over the last 30 days, it has jumped by 8%.

And Solana, the fifth-biggest digital asset by market cap, has risen by nearly 6% too and is now priced at $155 per coin.

Tensions in the Middle East and worries over the Federal Reserve's next moves frightened traders away from Bitcoin for months. The biggest digital currency hit a new all-time high of nearly $74,000 in March, but has struggled to remain near that level for months.

Is it only up from here?

Edited by Andrew Hayward

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## Comments

**tim**: Uptober finally here!!!