Summary
- Bitcoin (BTC) surpassed $116,000, marking the emergence of the 'Uptober' phenomenon.
- Amid concerns over a U.S. government shutdown and record-high gold prices, Ethereum (ETH) also rose nearly 4%.
- Crypto-related stocks showed sharp gains in the U.S. pre-market.
Bitcoin (BTC) has topped $116,000, kicking off an 'Uptober' rally. Ethereum (ETH) also rose, and crypto-related stocks showed strength in the U.S. pre-market. Uptober is a portmanteau of 'Up' and 'October', referring to the phenomenon where the crypto market tends to be strong in October.
According to CoinDesk on the 1st (local time), Bitcoin climbed 2% over the past 24 hours to $116,600. The rise is seen as continuing amid concerns over a U.S. government shutdown and record-high gold prices (about $3,900 per ounce).
Ethereum likewise showed strength. ETH rose nearly 4% during the same period, trading around $4,287.
This trend was reflected in the U.S. pre-market as well. Crypto-related stock Strive surged 25% to $3.15, Strategy, which continues to maintain a Bitcoin strategic reserve, rose more than 2% to trade at $328. Bitfarms rose 3% to $2.91, and Naka jumped 7%.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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