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Bitcoin Slides Further in October
Bitcoin's price dipped further on Monday, sliding 2% over a 24-hour period to trade at a little over $82,423. The coin has dropped by 3% over the past week and is trading down so far this month. October is usually a strong month for the cryptocurrency, but this year it has started off poorly. Bitcoin's price notched an all-time high of $126,080 last year, but it then entered a bear market after October 10, when the biggest crypto liquidation event in history battered the asset's price. Analysts now say that while Bitcoin has had a bad start in 'Uptober,' signs of a bottom may already be in. High oil prices have hurt Bitcoin's price, as investors expect the Federal Reserve to hike interest rates to control inflation. However, Bitcoin's price was unfazed and rose following the U.S. central bank's interest rate hike last month.