Bitcoin (BTC) experienced a rollercoaster ride, climbing above $61,000 after dipping to $60,400 amid escalating Middle East tensions.
Iran’s missile strikes on Israel have sparked fears of retaliation, impacting market sentiment and leading to BTC’s largest drop in over a month—down 6% at one point. Historically, October is a bullish month for BTC, but this year is off to a rocky start, with losses of 3.5% noted.
In contrast, gold has shown resilience, gaining 0.8% as BTC faltered, highlighting the differing maturity levels of these assets. While BTC is still in its early adoption phase, gold boasts a 5,000-year history as a reliable store of value. The market is rife with uncertainty, with Polymarket indicating a 49% chance of Israeli retaliation against Iran by week’s end.
Other cryptocurrencies also faced declines, with Dogecoin (DOGE) leading the losses at 8%, while smaller tokens suffered even more significant hits, with some dropping as much as 16%.
As the geopolitical landscape shifts, the crypto market remains volatile, reflecting the ongoing struggle for stability and understanding in this evolving financial frontier.
