Bitcoin finds its footing as ‘Uptober’ momentum builds
TL;DR Breakdown
- Bitcoin rebounded above $114K, fueled by “Uptober” optimism and a 3% crypto market cap rise to $3.92T.
- Leverage reset in BTC futures cleared the path for steadier gains, with open interest down 6.2%.
- SEC and CFTC signaled unity on crypto regulation, though leadership gaps still cloud consistency.
Bitcoin (BTC) clawed back losses to trade above $114,000 on Monday morning. It bounced from last week’s slide below $109,000 as traders leaned into the familiar seasonal optimism, “Uptober” sentiments kick in.
The global digital assets market cap surged by 3% over the last 24 hours to reclaim the $3.92 trillion mark. Its 24 hour trading volume spiked by 83% to stand at $183 billion. The rebound aligns with broader market drivers. Falling interest rates across Western economies have fueled rallies in gold and equities.
Reacting to this, the digital assets are now catching the same bid. Ether, XRP, and Solana each gained around 4% in the past 24 hours, while gold rose 1.2% to yet another record above $3,850 an ounce.
BTC Futures Reset Fuels Uptober Rally
Data shows that the recent reset in bitcoin futures positioning may have helped clear the way for Monday’s rally. Between Sept. 21 and Saturday, open interest dropped 6.2% to $39.9 billion. This happened alongside a 5.3% price decline. Analysts noted that the correlation between price and leverage is tightening up. They suggest that long positions were cut rather than shorts taking control. This base often sets the stage for steadier climbs.
Bitcoin price surged by more than 3% in the last 24 hours, trying to recover from the recent losses. BTC is trading at an average price of $114,163 at the press time. Its 24 hour trading volume has spiked by 130% to hover above $63 billion.
Crypto-linked equities also joined the bounce. Coinbase gained 5.7% and Circle advanced 7.7%. Miners, which had been hit hardest during last week’s sell-off, were also back in favor. Marathon Digital added 8%, while IREN and Cipher Mining climbed 4% each.
Crypto Regulation Enters a “New Day”
Markets are now watching Friday’s US jobs report for fresh economic signals. However, a potential government shutdown could delay the release. A prolonged delay would complicate the Federal Reserve’s late-October policy meeting. This leaves officials without key labor market data.
Meanwhile, regulators in Washington struck a more conciliatory tone. SEC Chairman Paul Atkins and CFTC Acting Chair Caroline Pham appeared together at a Monday roundtable, emphasizing a united approach to crypto oversight.
“It’s a new day, and the turf war is over,” Pham told attendees, pledging faster progress on digital assets policy. Atkins added that coordination between the two agencies was essential to avoid fragmented markets, describing crypto as “job one” for regulators.
Even with that rare show of unity, uncertainty remains. The CFTC still lacks a permanent chair, raising questions about how consistently its approach will hold. But Pham sought to reassure the audience: “The CFTC is alive and well, and there needs to be no more FUD about what’s going on.”
