While October is often referred to as “Uptober” by investors, with expectations of a surge in cryptocurrency values, the event does not seem to have panned out as expected. As of October 10, Bitcoin prices are experiencing significant difficulties.

Specifically, last night, the price of Bitcoin dropped below $ 60,000, even falling below $ 59,000 at one point. Currently, the price stands at $ 60,164, showing a significant decline from the peak of $ 73,737 in March of this year. Earlier this month, it seemed that Bitcoin was approaching the $ 64,000 mark after holding above $ 60,000 for three consecutive weeks.

Amid the Bitcoin price decline, Coinglass data shows that nearly $150 million in long positions were liquidated across the entire cryptocurrency market over the past 24 hours. About $63.2 million of that involved Bitcoin, indicating increased investor concern.

Geopolitical tensions in the Middle East, especially between Iran, Lebanon and Israel, have caused many investors to turn to safer haven assets such as gold.

Furthermore, the latest US Consumer Price Index (CPI) report showed weaker-than-expected results, along with the Securities and Exchange Commission (SEC) continuing to take strong action against the crypto industry, including suing trading firm Cumberland. These factors may have contributed to the price decline of Bitcoin and other top assets, which have dropped a total of 8% over the past two weeks.

Ethereum, the second-largest coin, is currently holding steady at $2,385. The original smart contract cryptocurrency struggled to gain traction after the approval of ETH ETFs in May as investors pulled money from Grayscale's product.

Overall, the current market developments present a complex and unpredictable picture, forcing investors to be cautious in their decisions.

DYOR! #Write2Win #Write&Earn #Write2Learn #Write2Earn! $BTC