Bitcoin's (BTC) 'Uptober' Rally Hopes Dented by Middle East Conflict, Drops 6%

Bitcoin briefly dropped to $60,300 late Tuesday but rebounded to $61,500 during Asian trading hours on Wednesday, before dropping back to $60,230 at press time.

Bitcoin price dropped to $60,230 at press time after Iran launched around 200 ballistic missiles at Israel.

The conflict in the Middle East has dampened hopes for a sustained rally in what is typically Bitcoin’s most bullish month.

Israel has since vowed to retaliate, further heightening tensions in the region.

Bitcoin dropped by 6% at its lowest point on Wednesday morning after news broke that Iran had launched around 200 ballistic missiles at Israel. The cryptocurrency fell to lows of $60,300 before rebounding slightly to $61,500 during Asian trading hours.

However, the world’s leading cryptocurrency dropped again to $60,230 at press time, with hopes fading for a sustained rally in October.

The last time Bitcoin dropped below the $60,000 mark was two weeks ago on October 12, when the cryptocurrency fell to lows of $59,600. Bitcoin price has since recovered by 1.1%.

Polymarket bettors now estimate a 43% chance that Israel will strike back at Iran by the week’s end, adding to market uncertainty.

Meanwhile, uptober hopes were dashed as geopolitical tensions led to falling hopes that this month will end being bullish, as a number of memes on X show.

ZeroHedge and others also pointed to gold’s recent gains, outperforming BTC in the last 24 hours — a reflection of the maturity gap between the two assets.

The above is the detailed content of Bitcoin's (BTC) 'Uptober' Rally Hopes Dented by Middle East Conflict, Drops 6%. For more information, please follow other related articles on the PHP Chinese website!