Historically, October has been a bullish month, often celebrated as “Uptober.” However, this year, October has kicked off with considerable turmoil as geopolitical tensions between Israel and Iran escalate.
This conflict has had a far-reaching impact on global markets, with cryptocurrencies bearing a significant brunt of the fallout.
These events have plunged global markets into a state of heightened uncertainty, affecting cryptocurrencies significantly.
As tensions soared, the crypto market experienced immediate repercussions. Bitcoin’s value tumbled to just below $60,200, marking a sharp 6% decline from its previous high of around $64,000. Consequently, the market witnessed extensive liquidations, with Coinglass reporting that liquidations over the last 24 hours amounted to a staggering $523.37 million.
Despite the current downturn, some market experts maintain a positive outlook on Bitcoin’s prospects. André Dragosch, European head of research at Bitwise, suggests that Bitcoin tends to recover well after major geopolitical risks.
Echoing this sentiment, a recent BlackRock report posits Bitcoin as a viable safe haven during global crises. The report lauds Bitcoin’s decentralized and non-sovereign characteristics, which protect it from geopolitical shocks and economic uncertainties that often afflict traditional assets.$BTC