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Reading: JPMorgan Warns: “Uptober” Could Be Profitable for Bitcoin and Altcoins Once Again!
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Deythere > News > News > JPMorgan Warns: “Uptober” Could Be Profitable for Bitcoin and Altcoins Once Again!
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JPMorgan Warns: “Uptober” Could Be Profitable for Bitcoin and Altcoins Once Again!

caution in the cryptocurrency market. The image features bold warning signs including an exclamation mark
Benedikt Krüger
Last updated: October 8, 2024 11:22 am
By
Benedikt Krüger
Published October 8, 2024
2 Min Read
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With the current month and upcoming months ahead, the cryptocurrency market is expected to witness a flurry of activity. Analysts at JPMorgan suggest that this period, known as “Uptober,” may be shaped by key developments such as the Federal Reserve’s interest rate cuts and the approval of spot Bitcoin ETF options. Historically, October has been a profitable period for Bitcoin, with past data showing an approximate 70% positive return during this month. This is fueling expectations of a strong market performance.

Contents
  • Uptober and Interest Rate Cuts: Impact on the Market
  • Spot Bitcoin ETF Options and Ethereum Updates

Uptober and Interest Rate Cuts: Impact on the Market

JPMorgan highlights that October, or “Uptober,” has traditionally been a lucrative period for Bitcoin and may continue to be so this year. Historically, this month has brought significant gains, but analysts are watching closely to see how this seasonal trend plays out in 2024.

Another closely followed factor is the Federal Reserve’s interest rate cuts, which generally have a positive effect on riskier assets. However, JPMorgan notes that this effect has not yet been seen as strongly in the crypto market, with the correlation between interest rates and cryptocurrencies remaining low at 0.46. Analysts suggest that instead of lower rates, more stable interest rates could bring better results for crypto markets.

representing the potential gains of Bitcoin and altcoins during Uptober with references to key factors such as the Feder

Spot Bitcoin ETF Options and Ethereum Updates

One of the most notable developments in the crypto space is the approval of spot Bitcoin ETF transactions. JPMorgan believes that this could introduce more liquidity to the market and attract new investors, potentially driving Bitcoin’s price momentum and increasing trading volumes.

Meanwhile, Ethereum is also undergoing significant changes, with the upcoming Pectra update aimed at improving transaction speeds and overall efficiency on the network. These types of technical advancements tend to be well-received by the market and catch the attention of investors.

Overall, October and the months ahead are shaping up to be critical for the crypto market, with developments surrounding both Bitcoin and Ethereum likely to directly influence market direction.

Bitcoin, Uptober, Federal Reserve, Ethereum, spot ETF

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ByBenedikt Krüger
Benedikt Krüger is a seasoned blockchain developer and cryptocurrency analyst with 10 years of experience in the field. Starting his career in software development, Benedikt quickly transitioned into blockchain technology, where he has worked on several pioneering projects, including the development of secure blockchain networks and decentralized platforms. His expertise includes blockchain security, cryptographic protocols, and the technical underpinnings of cryptocurrency systems. At DT NEWS, Benedikt provides readers with in-depth technical analysis and expert commentary on the latest trends in the blockchain and cryptocurrency industries, ensuring they stay ahead of the curve in this fast-paced sector.
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