What’s Behind Crypto Market’s Red Zone? Is Uptober Just a Crypto Myth?
The post What’s Behind Crypto Market’s Red Zone? Is Uptober Just a Crypto Myth? appeared on BitcoinEthereumNews.com.
Uptober is one of the most awaited events in the crypto industry, where users can witness the biggest crypto market rally before the 2025 Bull Run. Since the market was quite bullish in September, the expectations are way higher for October. However, in the last three days, the market has plummeted instead of rising, concerning many. Here, the Bitcoin price has declined to $60K, and the same is happening in the case of the altcoins. As a result, the entire market is covered in red, indicating heavy losses. Why Is Crypto Market In Red Zone Today? The political situation is worsening in the Middle East, where the Israel-Iran conflict has pushed the Bitcoin price down, causing a selling pressure in the market. Just recently, Israel attacked Iran on October 1, causing a stir of war among the countries. It resulted in a drop in the crypto market as political events heavily concern the Finance industry. After this incident, Bitcoin saw a major fall, impacting the rest of the market. Here, the Ethereum price has dropped to $2,361, Solana is down to $137, and the list goes on. At the time of reporting, all the cryptocurrencies have witnessed a significant fall, bringing the global market cap down to $2.09 Trillion after a 3.77% drop. More importantly, the user sentiments have dropped to fear on the Fear and Greed market index, indicating users’ doubts and concerns in placing trades. Interestingly, a crypto trader has made $2 Million in profit, beating the odds of the market’s downtrend. However, this does not happen with every trader, explaining the 18% drop in the trading volume of $94 Billion. Is Uptober Just A Crypto Myth? The ongoing struggling crypto market news is worrisome for investors. This is because the market is in a downtrend, not in…
Filed under: News - @ October 3, 2024 1:26 pm