Bitcoin and Ethereum prices have increased by almost four percent in a mere 15-minute window, igniting predictions that these virtual currencies will rise in value for the rest of October. Due to this development, it was said that more than $70 million in crypto shorts were dissolved at once.

Bitcoin and Ethereum Pumped-Up Prices

The unexpected increase in Bitcoin, Ethereum, and other crypto prices on Sunday, Oct. 1, directly caused the liquidation. According to CoinTelegraph, based on the data collected by TradingView, the sudden surge raised Bitcoin’s price by three percent in just 15 minutes. This means its $27,100 price grew to $28,053 before finally settling to just below the $28,000 level.

On the other hand, the price of Ethereum’s Ether digital currency went up after gaining up to a 4.7% increase in the same short time frame. Its price grew to $1,755 before settling at $1,727 at the time of the report.

Crypto Community Believes “Uptober” Has Arrived

It was reported that the crypto community was puzzled by the unexpected movement in the virtual currency rates. Many of them said that this could be signaling the coming of “Uptober,” which refers to this month of October being a bullish month for the price of Bitcoin and other crypto tokens.

Others suggested that if the “Uptober” is not the case for the sudden price movement, then someone may know something that others don’t. In any case, based on the data from CoinGlass, since 2013, October has only brought out negative monthly returns twice.

Meanwhile, Decrypt reported that the added boost to the price of Ethereum’s Ether may be related to the fact that VanEck’s Ethereum Futures Exchange-Traded Fund (ETF) was officially confirmed on Thursday last week. It was noted that up to now, not a single crypto spot ETF has been approved by the United States Securities and Exchange Commission (SEC).

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