Bitcoin’s Winning Streak Snaps — First October Loss Since 2017
Bitcoin’s roughly –5.6% monthly return marks its first October loss since 2017, ending what traders dubbed “Uptober.”
Quick overview
- Bitcoin (BTC) fell 5% this month, breaking a six-year streak of October gains due to geopolitical tensions and Federal Reserve uncertainty.
- Currently, Bitcoin trades near $109,860, while Ethereum (ETH) is at $3,800, with the broader crypto market showing mixed results.
- This marks Bitcoin's first October loss since 2017, with a need to close above $114,000 to reverse the decline.
- The Federal Reserve's mixed signals and ongoing geopolitical strains are contributing to the current market volatility.
Bitcoin (BTC) fell 5% this month, breaking a six-year streak of October gains as geopolitical tensions and Federal Reserve uncertainty weighed on markets.
The world’s largest cryptocurrency trades near $109,860, up 1.2% in the last 24 hours, while Ethereum (ETH) rises 0.5% to $3,800, according to Binance.
The broader crypto market remains mixed. XRP climbs 0.4%, regaining third place by market cap after Binance Coin (BNB) slipped 2.1%. Solana (SOL) fell 0.7%, Cardano (ADA) dropped 1.3%, and Dogecoin (DOGE) edged up 0.5%.
“Uptober” No More
Bitcoin’s roughly –5.6% monthly return marks its first October loss since 2017, ending what traders dubbed “Uptober.” To erase the decline, BTC would need to close above $114,000 — an unlikely feat given current levels.
Fed and Global Tensions Pressure Crypto
Bitcoin’s downturn follows renewed geopolitical strains in the Middle East and Eastern Europe, as well as mixed signals from the Federal Reserve.
While the Fed delivered the expected rate cut and ended balance sheet reduction, Chair Jerome Powell warned that markets shouldn’t assume another cut in December, citing growing divisions within the central bank and limited data due to the ongoing U.S. government shutdown.
“If there’s a high degree of uncertainty, that could be an argument for caution when taking further action,” Powell noted.
Would you like me to make this version more journalistic and concise (like a Bloomberg-style market brief) or more narrative and analytical (like a CoinDesk feature)?
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save