The crypto market always surprises with its unpredictable movements, especially in October, known as "Uptober". However, this year is different. Tensions between Israel and Iran have affected the markets, calling into question the optimism of Uptober. Bitcoin, which recently soared, is now facing difficulties. Investors are hoping for a recovery despite the current problems.
The recent missile attacks between Israel and Iran have caused Bitcoin to fall below $ 62,000. Altcoins such as Solana and Avalanche have also suffered significant losses. These events show how the crypto market reflects global events. Unlike gold, which rose by 1%, Bitcoin is struggling, highlighting its relationship with other risk assets.
Traditional markets are also feeling the pressure. Major US indices such as the S&P 500 and Nasdaq opened with a drop of 1% and 1.7%, respectively. Gold jumped 1% to $2,690 an ounce, approaching a record high. This highlights Bitcoin's strong correlation with risk assets, unlike gold, which serves as a safe haven in times of crisis.
During times of conflict, investors tend to choose safe assets such as gold.Recent events in the Middle East have sent gold up 1% while Bitcoin has fallen. Some believe that Bitcoin has not yet become a "safe haven" like gold. However, many in the crypto community believe in Bitcoin's long-term potential.
This is not the first time that the conflict between Israel and Iran has affected the crypto market. Earlier this year, similar events also caused Bitcoin to fall. Despite the uncertainty, the market has always recovered. More than $9 million has already been liquidated due to these tensions. Analysts are hopeful that panic will soon give way to enthusiasm.
The mood in the crypto market changes quickly. A week ago, Bitcoin was rising, and investors were confident in Uptober. Now fear and uncertainty have returned. However, history shows that the market often recovers after periods of fear. Optimists believe that the bull market will return as soon as the panic subsides.