🚨📉 Why is the crypto market down today?
On October 1, both the crypto and stock markets saw declines, disrupting hopes for a bullish start to “Uptober.” The total crypto market cap dropped by 1.3% to $2.22 trillion, while stocks, including the S&P 500 (-1.1%), Dow Jones (-0.7%), and Nasdaq Composite (-1.4%), also pulled back. Rising geopolitical tensions in the Middle East, reports of a potential Iranian missile attack on Israel, and higher oil prices have contributed to market volatility.
$BTC dropped 2.6%, falling to $61,503 before recovering to $62,557, while $ETH initially dropped 12.6% to $2,534, but later recovered to $2,569. Long position liquidations intensified selling pressure, though positive funding rates for top coins suggest remaining traders are still bullish.
However, analyzing historical data for Bitcoin it is found that after every halving event $BTC follows historic patterns with a price rally. So, the bullish breakout can happen anytime as we can assume.