‘Uptober’ pulls $160 billion into the crypto market as central bank rates fall further

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With over $160 billion inflows into the cryptocurrency market in a little more than half a day, the market has risen from $1.901 trillion to $2.065 trillion, pushing Bitcoin (BTC) over $47,000 as ‘Uptober’ gets underway.

Despite China outlawing cryptocurrencies earlier this week, the market has increased, on October 1 in what the crypto community has dubbed ‘Uptober’ concerning the historically successful fourth quarter for BTC.

On the other hand, major countries such as the US (-5.2%), UK (-3.1%), Canada (-3.9%), Australia (3.7%), and Argentina (-13.4%) are all experiencing negative central bank rates.

This is according to a tweet from Charlie Bilello, Founder and CEO of Compound Capital Advisors, who indicated the data is based on interest rates minus inflation, making this especially important in this context.

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