Cryptocurrency Bitcoin has updated a six-week high

As analysts predicted, bitcoin is historically expected to experience seasonal growth in October. Earlier this month, the market leader rose by 5.1% to a six-week high of $ 28,489. This was the highest level since August 17.

In September, BTC $58,634.83 Bitcoin -2.51% Market capitalization $1.16 trillion VOL. 24 hours $2.96 billion grew by 4.1%, although it still fell by 11% in the third quarter. Also in early October, Ethereum, Litecoin, and Solana rose in value. The growth of the cryptocurrency market is partly explained by traders' expectations of the trial of Сем Бенкман-Фрід" href="https://noworries.news/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried, the founder of the bankrupt FTX cryptocurrency exchange, which starts today. In contrast to the crypto market, the main stock market indices fell.

«It seems that there were significant buying flows triggered by the start of the new reporting quarter. They were exacerbated by a liquidity shortage over the weekend,» said Caroline Moron, co-founder of a digital asset derivatives liquidity provider.

The growth of the cryptocurrency market was also boosted by rumors that the US Securities and Exchange Commission would approve BlackRock’s application to register a spot bitcoin ETF, which it postponed last week.

On the eve of the trial, Benkman-Fried's lawyers asked Judge Lewis Kaplan to temporarily release their client for the duration of the trial in order to better prepare for the defense. However, the court rejected their request due to the risk of the former billionaire’s escape. Last week, Kaplan expressed the opinion that Benkman-Fried could face a «very long sentence» if found guilty in the fraud case.