Bitcoin White Paper 17th Anniversary… Concerns of a 'Red October' for the First Time in 7 Years

Son Min

Summary

Bitcoin has grown into a major asset with a market capitalization of $2 trillion over 17 years.
However, it reported that Bitcoin is likely to record its first monthly decline in seven years this October.
Market analysts assessed the decline as a 'controlled deleveraging process to unwind excessive leverage,' and said it lays the groundwork for the next uptrend.

Seventeen years after the release of Satoshi Nakamoto's Bitcoin (BTC) white paper, it has grown into an asset with a market capitalization of $2 trillion, but it is expected to record its first monthly decline in October this year in seven years.

On the 31st (local time), Cointelegraph reported that Bitcoin's creator Satoshi Nakamoto first published the white paper titled 'Bitcoin: A Peer-to-Peer Electronic Cash System' on October 31, 2008, during the global financial crisis. The document proposed a decentralized network structure that prevents double-spending through the proof-of-work (PoW) consensus mechanism.

Seventeen years on, Bitcoin is ranked as the eighth most valuable asset among major global assets. According to company valuation data platform CompaniesMarketCap, Bitcoin's market capitalization stands at $2 trillion, following silver and Amazon.

However, Bitcoin's price is likely to record a monthly decline in October for the first time in seven years. According to CoinGlass data, Bitcoin has fallen more than 3.5% so far this month, breaking the six-year streak of 'Uptober' gains.

Historically, Bitcoin has averaged a 19.9% increase in October, making it the second strongest month. The last time it fell in October was 2018, when the drop was 3.8%.

This decline is seen as being influenced by the roughly $19 billion crypto market crash on October 17 and the fall to $104,000, the lowest level in four months.

However, market analysts have assessed this correction as a "controlled deleveraging process to unwind excessive leverage," and have diagnosed it as "laying a sound foundation for the next uptrend."

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