Despite cryptocurrency investors’ high hopes in the weeks leading up to October, the start of the month – historically notable for the strong performance of digital assets – Bitcoin (BTC) has been trading lower at the beginning of the month.
Indeed, after seemingly breaking the trend of lower highs followed by lower lows – an event that hinted at a possible rally toward $70,000 BTC experienced a sharp price crash on October 2. However, it recovered to $64,197 thanks to a strong rally on the morning of October 7.
To be precise, the world’s premier cryptocurrency dropped from over $64,000 to just under $61,000 as Iran unleashed one of the biggest missile attacks against Israel in retaliation for a string of assassinations carried out against the country’s allies and officers.
BTC 7-day price chart. Source: Finbold
Along with causing an immediate price drop, the assault also cast doubt on Bitcoin’s role as a safe haven asset as investors fled from the digital as
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