Bitcoin Regains $61K in Worst Start to Most Bullish Month as Israel-Iran Tensions Rage On

Bitcoin’s price took a hit during Asian trading hours as tensions in the Middle East escalated. However, the cryptocurrency quickly bounced back, surpassing $61,500 after briefly dropping to $60,300. The conflict between Israel and Iran has caused uncertainty in the market, dampening hopes for a rally in Bitcoin, which has historically performed well in October. BTC experienced its largest drop in over a month, falling 6% at one point, while gold prices rose. Polymarket bettors are predicting a 49% chance of Israel retaliating against Iran by the week’s end. Despite Bitcoin’s recent price fluctuations, researchers believe that the asset’s short-term actions are reflective of its early stages of adoption and its unique position as a store of value. Other major cryptocurrencies, such as Dogecoin, XRP, Solana’s SOL, BNB Chain’s BNB, and Ether, also experienced losses during this period. Smaller tokens with a market cap below $2 billion, including SEI, FLOKI, and STARK, were hit the hardest, with declines of up to 16%.