Iran launched a large number of missiles at Israel in the early morning of today (2). Tensions in the Middle East have escalated again, affecting global market sentiment. Investors have turned to safe-haven assets. The four major U.S. stock indexes have all fallen. The cryptocurrency market has been wiped out. Bitcoin has reached its lowest level. Exploring $60,315, the "October opening market" that had been so strong in previous years failed.
According to CoinGecko market data, Bitcoin was hovering around US$64,000 last night (1), but after the White House released the news that "Iran is preparing to launch an attack on Israel", it quickly fell to US$62,500; then after "Israel confirmed that Iran launched an attack After the "missile attack", it further fell to $61,000, and fell back to $60,000 at around 4:45 a.m., almost erasing the gains after the Federal Reserve (Fed) cut interest rates in mid-September.
At the time of writing, Bitcoin was trading at $61,758, down 2.6% over the past 24 hours; Ethereum was trading at $2,493, down 4.8% over the past 24 hours.
Swiss analyst firm Swissblock said: "War news like today's does not tend to have a long-term negative impact on asset prices. We remain optimistic about market trends."
Chris Kline, chief operating officer and co-founder of IRA, noted: “Escalating unrest in the Middle East has pushed up oil prices and the U.S. dollar, putting pressure on Bitcoin and other speculative assets.”
Compared with the stronger-than-expected performance in September, Bitcoin's trend in October may fluctuate violently, which is mainly affected by the delay of the "halving market", the US election, and the wave of interest rate cuts in various countries.
In addition, investors are also paying close attention to the strike at the East Coast Terminal. Analysts believe that consumers may not feel the pressure immediately, but if the strike lasts too long, it may cause hundreds of millions of dollars or even more losses to the U.S. economy.
October is usually the strongest month for Bitcoin. Over the past 11 years, Bitcoin’s average increase in October has been close to 23%, so it is also known as the “Uptober”. Although some investors have doubts about this, most Most investors are optimistic that Bitcoin will test new highs in the fourth quarter of this year.
K33 senior research analyst Vetle Lunde once pointed out that the period from "October to April of the following year" has always been Bitcoin's strongest performance period of the year:
If investors choose to buy when the market opens in October and sell when the market closes in April, the return rate from 2019 to now will reach 1,449%; if the reverse operation is performed, negative returns will occur.
〈The war situation in the Middle East heated up, and Bitcoin once fell back to the 60,000 mark! Is there still room for "October Peak Season Quotes"? 〉This article was first published in "Block Guest".
