Why Bitcoin’s ‘Uptober’ Won’t Be A Smooth Ride: It’s The Election, Silly
Posted On October 2, 2024
Economist and macro trader Alex Krüger voiced caution about the sudden market optimism, coined as “Uptober”, highlighting the looming uncertainty of the U.S. election year and its potential impact on market volatility.
What Happened: Krüger highlighted the unexpected bullishness following the last FOMC meeting but emphasized that it was two weeks ago, and the situation has since evolved.
| Cryptocurrency | Price | 7-Day Gains +/- |
| Bitcoin (CRYPTO: BTC) | $61,085 | -3.9% |
| Ethereum (CRYPTO: ETH) | $2.452 | -6.5% |
| Solana (CRYPTO: SOL) | $145.98 | -2.9% |
| Dogecoin (CRYPTO: DOGE) | $0.1063 | -2.7% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001662 | +10.4% |
Despite ongoing conflicts in the Middle East, Krüger pointed out that the major uncertainty lies in the upcoming U.S. elections. He stated, “Who wins …
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