The entire crypto market sees massive increase as from yesterday, 1st Oct. Additionally, traders are calling it “Uptober” already.
“September turned into REKTember very quickly😭😔 Good thing UPtober & MOONvember is near 😎 🚀” — CoinMarketCap (@CoinMarketCap) September 28, 2021
Furthermore, Bitcoin, the largest crypto by market cap sees an increase from $40,996 on September 29 to highs of $48,436. More so, Most of the increase happened in just a small 30 minutes window yesterday morning. However, Bitcoin slightly retraces to $47,606. since after hitting $48,436.
Of course, The second-largest crypto, Ethereum follows Bitcoin lead rising by nearly 11% in just few hours later. So, Ethereum hits highs of $3,315 early this morning before retracing slightly to around $3,288.
“In the future nobody will know what the word October means bc it will have been replaced in common parlance with Uptober” — Zhu Su 🔺 (@zhusu) October 1, 2021
Notably, These spikes in the entire crypto market is geared by the two top coins. Now, placing the global market cap to about $2.1 trillion, according to CoinMarketCap.
“Uptober is real, let the light of the bull mood shine into your life! #bitcoin” — Lark Davis (@TheCryptoLark) October 1, 2021
“Uptober” Crypto Market Cap Increase Roots
Firstly, many chinese traders moved into DeFi after the popular china’s crackdown. Chinese crypto-journalist Colin Wu reveals how many investors put money into a DeFi protocol dYdX. Consequentially, moving the coin to 90% increase in the past week.
Secondly, The United States. Federal Reserve Chair Jerome Powell telling the that The US has no intention to ban crypto unlike China.
However, Powell notes he considers stablecoins differently, saying that stablecoin issuers should have same treatment as banks.
”Stablecoins are like money market funds, they’re like bank deposits, but they’re to some extent outside of the regulatory perimeter…”
“…And it’s appropriate that they be regulated. Same activity, same regulation,” he told Congress.
