Bitcoin Magazine No ‘Uptober’ Yet: Bitcoin Slips 2% in a Month That’s Historically Bullish
Bitcoin’s price retook $82,000 on Monday as choppy trading last week stunted the coin’s gains.
The biggest cryptocurrency by market cap was recently trading for close to $82,393 — up by close to 2% over the past day but still down over a seven-day period.
Bitcoin has gotten off to a slow start for so-called Uptober, a month when the cryptocurrency has typically surged: Since the beginning of October, bitcoin’s price has dropped by 2%.
U.S. investors last week cashed out of exchange-traded funds, with speculators redeeming $228.4 million in shares from the investment vehicles managed by BlackRock, Fidelity, and Grayscale, according to data from Farside Investors.
Bitcoin is often moved by investors buying shares of the U.S. ETFs. The funds give investors easy exposure to the asset via shares they can buy on their brokerage accounts.
Source: Bitcoin Magazine
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