The price of $BTC falls by 10% in the month of October, closing the first October in red numbers in 7 years.
In recent years, the trend was so reliable that the crypto community nicknamed the month uptober, but this year bitcoin ended with a decline of more than 10%, breaking the trend.
Several factors may have caused a downward pressure on the price of bitcoin (BTC) this month, including the liquidation of nearly 20,000 million dollars largely driven by President Donald Trump's trade war with China and the Federal Reserve's interest rate cuts in the USA.
Meanwhile, $BNB the transactions on the BNB chain skyrocketed by 135% in October as the issuance of meme coins surged, new traders bought memes on October 7, and 70% of those buyers made profits.
The cryptocurrency trader with the pseudonym star platinum claimed that most of those memecoins had already fallen by October 8 and 9. Retail investors bought at the peak, and the FOURMEME platform on the BNB chain became the dominant format for launching memecoins.
This frenzy of memecoins caused a spike in the price of the BNB token, surpassing $1300 on October 13, although it has fallen since then, it still remains up by 6.6% for the rest of the month.
