Uptober arrives for crypto as bitcoin and ether prices move higher
- Crypto starts October with a bang.
- Prices appear fired up by speculation that October has historically been a good month for trading.
- Licence granted to Coinbase by Singapore’s central bank has added to positive sentiment.
- Bitcoin rise by 4.7% to $28,294.
- Ether rises 4.8% to $1,731.
- Investors should stay cautious given volatile ride of crypto.
Susannah Streeter, head of money and markets, Hargreaves Lansdown: “Crypto has a spring in its step at the start of this month, which has already been given the moniker ‘Uptober’. Speculation is swirling that, given past performance, there could be a positive few weeks ahead for coins and tokens. Sentiment has been bolstered by Singapore granting a payments licence to the cryptocurrency exchange, Coinbase. Bitcoin and Ether have surged by just under 5% in less than 24 hours as the upbeat vibes surrounding the currencies have taken hold.
Investors should be wary of trying to catch a ride on crypto solely on these moments of momentum, particularly given the highly volatile journey that crypto has been on. Although it seems clear that crypto currencies are here to stay, and there is increasing appetite to add them to portfolios, the waiting game is still on for more regulated options for investors.
The approval for Coinbase in Singapore sent shares up 5% in pre-market trade, and investors see the granting of the full licence as a boost for the exchange in pursuing business with more traditional financial institutions. However, globally it’s still far from clear what the regulatory landscape will look like and anyone considering speculating in crypto should still proceed with caution, use money they can afford to lose, and only dabble at the fringes of their well-diversified portfolios.’’
