Bitcoin cryptocurrency hits $ 28,000 for the first time since August

On the night of October 2, the bitcoin exchange rate rose by about 4%, reaching a new high of $ 28,204 when paired with the Tether USD stablecoin (USDT) on Binance. At the time of writing, the flagship digital asset is trading at $ 28,067.

The sharp rise in the price of BTC $56,278.68 Bitcoin -1.35% Market capitalization $1.11 trillion VOL. 24 hours $2.77 billion has provoked a massive liquidation of traders' margin positions on crypto exchanges. According to Coinglass, over $ 111 million worth of short positions were liquidated yesterday. The largest single forcedly closed order worth $ 8.39 million was recorded on the HTX (Huobi) exchange in the BTC/USDT pair.

Other cryptocurrencies have also increased in price: Ethereum (ETH) is trading at $ 1723, the price of BNB has risen to $ 218, Cardano (ADA) is trading at $ 0.26, and Ripple’s XRP is at $ 0.52. The cryptocurrency of the Ukrainian developer Solana (SOL) showed a 14% increase, with the token currently trading at $ 24.39.

In late September, the price of bitcoin on the world’s largest crypto exchange, Binance, suddenly plummeted from $ 27,000 to $ 2,700. As it turned out, the platform experienced an API failure that caused a temporary drop. Shortly after the incident, Binance CEO Чанпен Чжао" href="https://noworries.news/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao posted a message on Twitter explaining that the error was solely in the display of BTCUSDT and ETHUSDT futures charts and did not affect trading.

As for the forecasts of the future value of BTC, CoinCodex’s machine learning system has suggested that by the end of October, bitcoin will increase in price by 9.5% and reach $ 29,703. It is noteworthy that the cryptocurrency market even has such a concept as Uptober. The idea is that every October, bitcoin significantly increases in value. This phenomenon was even relevant last year after the resonant FTX crash. For example, on October 1, 2022, the asset was trading at $ 19,300, but by October 31, the coin reached $ 21,000.