Bitcoin Plummets to $60K Amidst Geopolitical Tensions in the Middle East
Crypto News

Bitcoin Plummets to $60K Amidst Geopolitical Tensions in the Middle East

1m
Created 5d ago, last updated 5d ago

The cryptocurrency market faced a sudden downturn Tuesday morning, with Bitcoin (BTC) dropping to as low as $60,371.

Bitcoin Plummets to $60K Amidst Geopolitical Tensions in the Middle East
The cryptocurrency market faced a sudden downturn Tuesday morning, with Bitcoin (BTC) dropping to as low as $60,371, marking a nearly 3.3% decline over 24 hours according to CoinMarketCap data.

This dip comes at the start of October, a month traditionally associated with price gains and dubbed "Uptober" by optimistic crypto traders.

The sell-off wasn't limited to cryptocurrencies, as U.S. equities also experienced sharp declines amid rising geopolitical tensions.

The White House's warning about potential Iranian attacks on Israel triggered a broader market reaction, including a surge in oil prices. On October 1, Iran launched numerous missiles toward Israel reportedly in response to the killing of Hezbollah leader Hassan Nasrallah.

This development underscores the continued sensitivity of "risk-on" assets like cryptocurrencies to global political uncertainties.

The impact on crypto traders has been significant, with over $250 million in futures positions liquidated across various cryptocurrencies in the past day. Long positions, betting on price increases, accounted for $200 million of these liquidations.

Ethereum (ETH) felt an even harder hit, dropping approximately 5.5% to $2,449, while Solana experienced a steep 4.5% decline, trading at $145. This widespread downturn contrasts sharply with the market's performance in September, which saw Bitcoin rise by 9% following the Federal Reserve's decision to cut interest rates.

The timing of this market correction is particularly notable given October's historical reputation for price gains, especially compared to September's typically bearish trend.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
1 person liked this article