Bitcoin's 17th Anniversary Occurs Amid First Potential Red October in Years
The Bitcoin white paper celebrates its 17th anniversary as Bitcoin faces a potential downturn in October, a month historically known for strong performances.
The publication of the Bitcoin white paper marks its 17th anniversary, reflecting on its evolution from a niche concept to a substantial asset worth $2 trillion. Originally shared in response to the financial crisis on October 31, 2008, it proposed a decentralized cash system.
Bitcoin white paper
Bitcoin white paper. Source: Bitcoin.org
Three months after its release, Nakamoto initiated the first Bitcoin block, cementing Bitcoin’s place in the financial ecosystem. After 17 years, it ranks eighth among global assets, succeeding brands like Amazon and silver.
Top global assets by value
Top global assets by value. Source: CompaniesMarketCap
Currently, Bitcoin is projected to end October negatively for the first time in seven years, down over 3.5%. Typically regarded as a strong month for BTC, October should yield positive returns, yet this year’s performance is marked by a downturn, breaking its previous trends. This historic slide highlights the current volatile environment in the cryptocurrency market.
