Key takeaways

Is ‘Uptober’ still on track despite the recent crash?

Key data shows that bullish momentum remains intact after the record liquidation.

What external events are supporting crypto market confidence?

New York City’s crypto office, potential Fed rate cuts, and easing trade tensions are helping.

The recent crash looked like it pummeled ‘Uptober’ to the ground, but it looks like that’s not the case.

With bullish patterns holding strong, key metrics flashing green, and New York City stepping up its crypto game with a major new initiative, the market’s mood is shifting from hopeful to confident.

Markets wobble, but bulls hold the line

The crypto market faced its biggest liquidation event in history last week. Yet surprisingly, it didn’t break.

Market analyst Scott Melker said in an X post,

“After the largest liquidation in crypto history, I expected October to be deep in the red. Somehow, it’s still holding on. Which honestly feels like a small miracle.”

Melker explained that the recent downturn wasn’t driven by fear or market sentiment, as seen during the 2017 and 2021 crashes. Instead, he described it as a “purely structural” shakeout, one that forced the market to pause and reassess risk.

He pointed to several developments that signal growing confidence and long-term commitment to the crypto space. Public companies are continuing to add Bitcoin to their balance sheets, showing institutional conviction. 

Luxembourg has made a historic move within the Eurozone, advancing crypto regulation. The CME is preparing to offer 24/7 crypto trading, reflecting rising demand for constant market access.

At the same time, stablecoin issuers are experiencing rapid growth, U.S. states are exploring ways to buy and hold Bitcoin, and the S&P

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Author: Samyukhtha L KM