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Cryptocurrency News Articles
Bitcoin Drops Back to $60,000 Level, Ether Slides More Than 5% as Shaky Month Begins
Oct 02, 2024 at 07:48 am
Rising tensions in the Middle East dampened investors' risk appetite as the new trading month and quarter began.
Cryptocurrencies fell sharply on Tuesday evening, with bitcoin sliding back to the $60,000 level after a shaky start to what is usually one of its strongest months.
Bitcoin was last down nearly 4% at $60,972.62, according to Coin Metrics. At one point around 4:45 p.m. Eastern time, bitcoin slid to as low as $60,175. Ether last traded at $2,449.83, down more than 5%.
Stocks related to virtual currencies also fell in extended trading. Crypto exchange Coinbase dropped about 1% and bitcoin proxy MicroStrategy lost 2%, after closing lower by 7.4% and 3.5%, respectively.
Rising tensions in the Middle East put a damper on investors’ risk appetite as the new trading month and quarter began. On Tuesday, Iran launched a ballistic missile attack on Israel in retaliation for its recent killing of Hezbollah leader Hassan Nasrallah and an Iranian commander in Lebanon.
"Surging unrest across the Middle East has propelled oil prices upward and reinforced the dollar's strength, casting a shadow over bitcoin and other speculative investments," said Chris Kline, chief operating officer and co-founder of Bitcoin IRA.
"In stark contrast to September's stronger-than-expected performance for bitcoin, October looms as a potential rollercoaster, influenced by the delayed ripple effects of last spring's halving event and the approach of a divisive American electoral contest," he added. "Meanwhile, a global monetary tug-of-war is unfolding as various central banks slash interest rates and expand their money supplies."
Investors are also keeping an eye on a strike by members of the International Longshoremen's Association on the East and Gulf Coasts that could affect the U.S. economy depending on how long it lasts.
October and November are historically the strongest months of the year for bitcoin. It has finished the month higher in all but two years since 2013, averaging a return of nearly 23%. It has become known to crypto native investors as "Uptober."
Bitcoin has struggled to break its ceiling of $70,000, though the $55,000 threshold has provided strong support for the crypto asset. Some investors are doubtful that October will be the month it finally comes back to life, but most remain optimistic that the cryptocurrency will test new highs in the new quarter.
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- Conflict Fears Rattle Markets: U.S. Stocks Slide, Bitcoin and Ethereum See Sharp Declines
- Oct 02, 2024 at 10:25 am
- On Oct. 1, 2024, reports flooded in stating that Iran had launched missiles at Israel, with most of the attacks successfully intercepted. However, Israeli military spokesperson Daniel Hagari noted that “a few hits” did occur.
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- Bitcoin (BTC) Price Is Trading 7% Below the Local High of $66,508 Reached on Sept. 27, but Some Analysts Are Optimistic That This Correction Could Just Be a Reset of Key Metrics as BTC Prepares for Massive Gains in the Last Quarter of 2024
- Oct 02, 2024 at 10:20 am
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- Bitwise Takes a Step Toward XRP ETF
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- Filipino Canadian Pop-Punk Singer-Songwriter Mico Continues His Rise In The Global Music Scene With The Release Of His Latest Single, “Senses”
- Oct 02, 2024 at 10:15 am
- Taking to Instagram to share the exciting news, Mico thanked his fans, also known as “Amicos,” for their overwhelming support, especially for selling out his London show in record time.