Bitcoin dropped amid geopolitical tensions, impacting market confidence and performance.
Increased selling pressure caused a surge in Bitcoin’s trading volume.
Bitcoin’s highly anticipated ‘Uptober’ began on a bearish note, as the cryptocurrency dropped to a two-week low of $60,164. The global crypto market cap also saw a significant dip, standing at $2.15 trillion—a 4.66% decrease in just 24 hours. This came alongside a surge in trading volume, up by 52.59% to $116.53 billion.
While Bitcoin’s price fell 4% to $61,344, its trading volume soared by 54%, reflecting increased selling pressure. Bitcoin’s dominance edged up by 0.48% to 56.33%, even as major altcoins like Ethereum plunged 7%. This downturn coincided with escalating geopolitical tensions between Israel and Iran, after Iran launched 200 missiles into Israeli territory.
Meanwhile, historically, October has been a strong month for Bitcoin, with an average of 20% gains. However, after a bullish Septembe
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