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Cryptocurrencies fell on Tuesday night, Bitcoin After a shaky start in what is typically one of the strongest months, it has fallen to the $60,000 level.
The flagship cryptocurrency last fell nearly 4% to $60,972.62, according to Coin Metrics. At around 4:45 p.m. ET, Bitcoin fell to $60,175. ether The last traded price was $2,449.83, down more than 5%.
Cryptocurrency-related stocks also fell in after-hours trading. cryptocurrency exchange coinbase Bitcoin proxies fall by about 1% micro strategy They fell 2% after closing 7.4% and 3.5% lower, respectively.
Crypto assets decline from October to 4th quarter
As the new trading month and quarter began, investors’ risk appetite declined due to rising tensions in the Middle East. On Tuesday, Iran launched a ballistic missile attack on Israel in retaliation for Israel’s recent killing of Hezbollah leader Hassan Nasrallah and Iranian commanders in Lebanon.
“Rising unrest across the Middle East has driven up oil prices and strengthened the dollar, casting a shadow on Bitcoin and other speculative investments,” said Chris Klein, co-founder and chief operating officer of Bitcoin IRA. ” he said.
“In stark contrast to Bitcoin’s better-than-expected September performance, October was a roller coaster, affected by delayed ripple effects from last spring’s halving event and the approach of a polarizing US election campaign. “This could lead to a situation like this,” he added. “Meanwhile, a global financial tug-of-war is unfolding as various central banks lower interest rates and expand the money supply.”
Additionally, investors are monitoring strikes by members of the International Longshoremen’s Association on the East Coast and Gulf Coast, which could impact the U.S. economy depending on how long they last.
October and November are historically the strongest months of the year for Bitcoin. This month ended at the highest end in all but two years since 2013, with an average return of nearly 23%. It has become known as “Uptober” to crypto-native investors.
While Bitcoin has struggled to break through the $70,000 cap, the $55,000 threshold provides strong support for the crypto asset. While some investors doubt whether October will be the month when cryptocurrencies finally make a comeback, most are optimistic that cryptocurrencies will test new highs in the new quarter.
