Anthony Scaramucci, founder of SkyBridge Capital, recently declared on social media: Introducing “Uptober”. However, Bitcoin significantly underperforms on the first day of the month.
Best month for Bitcoin
“Uptober” is a combination of “up” and “October”.
The Bitcoin community usually greets this month with excitement as Bitcoin tends to record impressive gains during this month almost every year.
In fact, there have only been two years (2014 and 2018) when the largest cryptocurrencies were in the red in this month.
massive price crash
But the ball is definitely not in the Bulls’ court on this first day of “Uptober.”
Early this Tuesday, the leading cryptocurrency by market capitalization fell below the $62,000 level due to geopolitical turmoil. More than $311 million worth of cryptocurrencies have been liquidated in the past 24 hours, with long positions accounting for the majority of the recent disappearances.
The flagship cryptocurrency is currently trading at $61,628 after falling nearly 3%.
contrarian voice
Glassnode co-founders Jan Happel and Yann Allemann recently pointed out that there’s actually “very little truth” to “Uptober.”
They pointed to the fact that despite Bitcoin being the worst month in history for the flagship cryptocurrency, September of this year ended up being profitable.
Despite October’s reputation as one of the best months of the year, contrarian voices could be on the winning side of the deal this time around.
According to leading algorithmic trading firm Wintermute, options signals are downward bias In the near future.
https://u.today/scaramucci-teases-uptober-as-bitcoin-plunges
