October has proven to be quite spooky for Bitcoin (BTC) and Halloween could bring another test for the leading cryptocurrency. In fact, the two share quite a lot. Watch Mehab Qureshi, senior
October has proven to be quite spooky for Bitcoin (BTC) and Halloween could bring another test for the leading cryptocurrency.
In fact, the two share quite a lot.
Watch Mehab Qureshi, senior editor at TheStreet, decode the Binance hack:
How did hackers drain $6.3 billion from Binance in about 20 minutes (3:39)Oct. 31 is a day marked by Halloween celebrations for most of history but something changed 18 years ago.
On this day in 2008, an anonymous individual or a group of developers called Satoshi Nakamoto published the groundbreaking nine-page white paper on Bitcoin.
The global financial crisis had left average people scarred and Nakamoto offered a vision of money free from the control of centralized control of Washington and Wall Street.
Bitcoin is hitting adulthood today and its code still remains open-source in the free-spirited manner as intended. Both, the U.S. government and financial firms, have embraced it after initial hesitation.
The cryptocurrency was worth only a few cents in its initial years but it is currently trading around $77,000.
October 2025 was particularly eventful for Bitcoin as it hit its peak above $124,000 on the sixth day of the month but crashed on the tenth day following President Donald Trump's tariff threat to China.
The asset took months to recover and the U.S. Treasury's Aug. 19 announcement to double the amount of longer-term government bond buybacks gave a much-needed boost.
Bitcoin, which was trading around $60,000 at the start of August, had been nearing $90,000 early this month. But a failure to consolidate the price level, coupled with the latest $6.3 billion hack at Binance, has put pressure on its price.
Halloween today brings another test for Bitcoin.
As per the onchain analytics platform CoinGlass, it could be one of Bitcoin's worst Octobers in its history if it doesn't see a dramatic recovery today.
Historically, October has been one of the best months for Bitcoin investors as it has delivered an average return of more than 26%. The phenomenon has led to a coinage called "Uptober," which simply means a positive Bitcoin market in October.
Bitcoin Monthly Returns, Source: CoinGlass
But there have been exceptions, earning October the title of "Rektober" those few years.
In fact, Bitcoin has lost 8.23% of its value this month and it could be its worst October in 12 years.
Not only that, but the cryptocurrency has posted three positive months in a row during July-September. But it could be another "Rektober."
BTC/USD, Source: DecibelBitcoin was exchanging hands at $76,786 at the time of writing, as per Decibel.
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