Bitcoin's 'Uptober' Fizzles: Prices Plummet 4% as Halloween Closes

Shares of Bitcoin, the world's largest cryptocurrency, fell by 4% over the past 30 days, closing at nearly $110,000 on Halloween, according to data from Binance. Ethereum, the second-largest cryptocurrency by market capitalization, declined even steeper, dropping about 10% to around $3,900. This disappointing performance marked the worst October for Bitcoin in the past seven years, and the fourth worst since 2013, according to a Fortune analysis. Market strategist Joel Kruger of LMAX Group attributed the decline to a lackluster month compared to Bitcoin's strong historical trend. "Prices have held up well overall, especially after a September that actually bucked the usual weakness," Kruger told Fortune. He emphasized the importance of maintaining perspective, as the current decline is a relatively minor setback in the broader context of the cryptocurrency market. Historically, October has been a time for Bitcoin to experience significant gains, earning the nickname "Uptober" among traders. However, this year's performance fell short of expectations, leaving investors and analysts to reassess their expectations for the cryptocurrency market. The decline in Bitcoin's value has also had a ripple effect on other cryptocurrencies, with Ethereum experiencing a more pronounced drop. The cryptocurrency market has been subject to significant fluctuations in recent years, driven by a combination of factors including regulatory changes, technological advancements, and shifting investor sentiment. As the market continues to evolve, investors and analysts will be closely watching for signs of a rebound or further decline. In the current market landscape, Bitcoin's price remains volatile, and its value is subject to a range of influences. Market experts will be closely monitoring developments in the coming weeks and months to gauge the impact of the recent decline on the broader cryptocurrency market.