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Bitcoin and Ether Suddenly Skyrocket as $70 Million in Shorts Are Swept Away

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The prices of Bitcoin and Ethereum experienced a sudden 4% surge in a 15-minute timeframe, leading to bullish predictions for October. Bitcoin jumped 3% from $27,100 to $28,053 before settling around $28,000, while Ethereum's Ether rose 4.7% to $1,755 and stabilized at $1,727. The cause of this abrupt movement remains unclear, with some attributing it to the start of "Uptober," a historically positive month for cryptocurrencies. A potential boost in the market could come from the approval of a Bitcoin ETF by the SEC, although analysts expect this to happen around January 2024. Short sellers faced significant losses, with $70 million in short positions liquidated in just two hours, including $36 million in BTC shorts and $23 million in ETH shorts.