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| Bitcoin's price has plunged amid rising tensions in the Middle East - what comes next? |
Bitcoin, the world's largest cryptocurrency, has had a significant correction this week, with its price falling from about $66,000 lately to $62,000 on Tuesday afternoon.
Tensions in the Middle East had a significant role in bitcoin's price decrease, as Iran's missile strike on Israel shook markets. As turmoil in the Middle East continues, bitcoin is predicted to fall further. As the hack progressed, more coins were hit. Ethereum, the world's second-largest cryptocurrency, also fell by 6.3%. It is presently trading at $2,456, according to CoinMarketCap.
Furthermore, bitcoin mining businesses have been hit hard, with Marathon Digital's shares falling nearly 9% and temporarily settling at a fresh low of $14.84.
Despite "Uptober"'s promise to emerge, market behavior has yet to reflect it. While the latest interest rate reduction by the United States Federal Reserve boosted crypto markets, bitcoin continues to struggle, while many market analysts believe its long-term outlook is robust.
On average, the world's largest cryptocurrency rises 22.9% in October, but it is unclear whether this will happen this month.
There are some bright moments, though: On September 27, bitcoin exchange-traded funds (ETFs) received more than $400 million in inflows, one of the highest inflows for a single day since mid-June.
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