Bitcoin

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<p dir="ltr">Anthony Scaramucci, founder of SkyBridge Capital, recently took to social media to proclaim&nbsp;<a href="https://x.com/Scaramucci/status/1841056227796664658" rel="noopener noreferrer nofollow">the advent of "Uptober."</a> However, Bitcoin is severely underperforming during the first day of the month.</p>
<h2 id="bitcoin-s-best-month">Bitcoin's best month&nbsp;</h2>
<p dir="ltr">"Uptober" is a linguistic blend of the words "up" and "October."&nbsp;</p>
<p dir="ltr">The Bitcoin community typically greets this month with excitement due to the fact that Bitcoin tends to record stellar returns during this month virtually every year.&nbsp;</p>
<p dir="ltr">In fact, there were only two years (2014 and 2018) when the largest cryptocurrency was in the red during this month.&nbsp;</p>
<h2 id="a-major-price-crash">A major price crash&nbsp;</h2>
<p dir="ltr">However, the ball is definitely not in the bull's court during the first day of this "Uptober."&nbsp;</p>
<p dir="ltr">Earlier this Tuesday, the leading cryptocurrency by market cap plunged below the $62,000 level due to geopolitical jitters. More than $311 million worth of crypto has been liquidated over the past 24 hours, with long positions accounting for the vast majority of this recent wipeout.&nbsp;</p>
<p dir="ltr">The flagship cryptocurrency is currently changing hands at $61,628 after declining by nearly 3%.</p>
<h2 id="contrarian-voices">Contrarian voices&nbsp;</h2>
<p dir="ltr">Glassnode co-founders Jan Happel and Yann Allemann recently noted that there is actually very "little truth" to "Uptober."&nbsp;</p>
<p dir="ltr">They pointed to the fact that Bitcoin ended up being in the green this September despite the fact that it has been historically the worst month for the flagship cryptocurrency.&nbsp;</p>
<p dir="ltr">Despite its reputation for being one of the best months for October, contrarian voices might end up on the winning side of the trade this time around.&nbsp;</p>
<p dir="ltr">According to Wintermute, a leading algorithmic trading firm, options signal&nbsp;<a href="https://x.com/wintermute_t/status/1840718794052047163" rel="noopener noreferrer nofollow">downside bias</a> in the near term.&nbsp;</p>

Scaramucci Teases “Uptober” as Bitcoin Plunges

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