Bitcoin Surges Above $115,000 as “Uptober” Momentum Builds Ahead of Key Economic Decisions

Bitcoin gained around 4 percent over the weekend and is now trading above $115,000. Does this pave the way for a positive last week of October, known in the crypto scene as “Uptober” for Bitcoin and other cryptocurrencies?

With five trading days left in the so-called “Uptober,” Bitcoin has positioned itself optimistically for this over the weekend. With a weekly gain of around 4 percent, Bitcoin has currently broken the $115,000 mark; on October 1st, the leading cryptocurrency was trading at around $114,000. In its wake, important altcoins such as Ethereum, XRP (Ripple), and Solana have also overcome psychological price hurdles. An overview and outlook:

– The upward movement in Bitcoin and other cryptocurrencies began late Friday with the release of US inflation data. At 3 percent, inflation in the US in September was within the expected range. Now, the US Federal Reserve is likely to decide on its widely forecast interest rate cut at its board meeting on Wednesday (October 29th). This could benefit the price performance of Bitcoin and popular altcoins such as Ethereum, Solana, or XRP (Ripple) . When interest rates are lower, investors tend to look for asset classes that offer higher returns – and are increasingly turning to Bitcoin and other cryptocurrencies.

– On Sunday, progress was reported in the negotiations between China and the US on a far-reaching trade agreement. Presidents Xi Jinping and Donald Trump plan to meet in person on Thursday. This could put an end to the tensions, which have been underpinned by export bans on rare earths and massive trade tariffs. Bitcoin and the crypto markets, like the stock markets, are eager for a normalization of relations; in their view, a trade war would be fatal.

– Ethereum (ETH) , the number two cryptocurrency, gained nearly 7 percent over the weekend, jumping to over $4,200. On Friday, Ethereum was still stuck below the psychologically important $4,000 mark.

Solana (SOL) also managed to break the significant hurdle of $200 over the weekend, gaining 5 percent to reach $204. XRP saw a roughly 7 percent gain over the weekend, pushing the Ripple altcoin from $2.44 to over $2.60, thus also surpassing the $2.50 mark.

Conclusion: Bitcoin, Solana, Ethereum and Co. signal optimism

These days, it’s not news from the crypto industry itself that’s impacting the price curves of Bitcoin and leading altcoins like Ethereum, Solana, and XRP. Investors are turning their attention to macroeconomic factors, particularly the US benchmark interest rate and trade relations between the US and China.

Two crucial days lie ahead in this regard: Wednesday (key interest rate) and Thursday (trade deal). If all goes according to plan, Bitcoin could maintain its positive momentum and end October in positive territory. Ethereum, XRP, and Solana are demonstrating their readiness to reap further gains from their current base, in parallel with Bitcoin.

But there remains the risk that the Fed will be unable to bring itself to cut interest rates given 3 percent inflation. And President Trump knows that his negotiating skills will be needed in the meeting with his Chinese counterpart to avert a trade war. Bitcoin will hardly be able to decouple itself from these directional decisions.

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(Featured image by Kanchanara via Unsplash)

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