Add as a preferred source on GoogleBitcoin Ends October Down 7.2% for Second Straight October
BTC gained 25% in August and 6.4% in September before the reversal; analyst Axel Adler Jr. described the response to Binance's Oct. 29 theft as more restrained than after FTX's collapse.
Bitcoin (BTC) ended October down 7.2%, marking its second consecutive October loss, while remaining near its annual moving average as seasonal rally expectations again failed.
The decline followed gains of 25% in August and 6.4% in September. Bitcoin’s 4.2% decline through Oct. 25 put it on pace for a second consecutive October loss.
Axel Adler Jr., a CryptoQuant analyst, described the market response to the Oct. 29 Binance hot-wallet theft as more restrained than the response to FTX's collapse. He said the theft's effects on market participants' confidence and liquidity should factor into assessments of its impact. Binance said it would cover losses with its Secure Asset Fund for Users (SAFU) and company funds.
Bitcoin fell 23% in the week after FTX collapsed in November 2022. That one-week decline covers a different measurement period from October's full-month return.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.