The post Bitcoin’s October bull dreams fizzle as Middle East tensions shake markets appeared on BitcoinEthereumNews.com.

The biggest of the cryptos took a nosedive as Middle East conflict fears sent investors fleeing risky assets. Bitcoin (BTC) which climbed to $64,000 recently plunged back to $60,000. Headlines reporting Iran prepping ballistic missile attacks on Israel fueled the sell-off. The drop deepened after Israel Defense Forces (IDF) confirmed missile launches from Iran. The cumulative digital assets market cap dropped by almost 4% in the past 24 hours to stand at $2.17 trillion.  US stocks weren’t spared either as S&P 500 and Nasdaq were down 1% and 1.7%, respectively. Meanwhile, safe havens like Gold surged to $2,690 and Crude oil spiked 3% to over $70. Bitcoin plummets as tensions ignite Bitcoin recorded its biggest drop in almost a month as Iran fired 200 ballistic missiles at Israel. This has escalated hostilities and rattled global markets. BTC is still holding steady at over $61,000 with a 4% decline in the first two days of October. It has broken away from its typical 20% October rally seen over the past decade. Traders hoped for a potential lift and breach past March’s record high of $73,700, but geopolitical tensions have dampened that hope. However, global markets are on high alert as Israeli PM Netanyahu vows retaliation against Iran’s strikes. BTC is down by more than 4% in the last 7 days but still carrying a 6% gain registered over the last 30 days. The biggest digital asset is trading at an average price of $61,547 at press time. Its 24 hour trading volume is up by 42% to stand at $50 billion, which suggests the traders are moving funds considering a panic situation. Altcoins take a hit Digital assets have shown an increased correlation with stocks, indicating that macroeconomic factors, like the Fed’s monetary policy, are crucial for Bitcoin’s trajectory. The overall…

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Filed under: News - @ October 2, 2024 5:10 am