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Bitcoin Dips to $60K Amid Market Turmoil, Recovers Slightly

Bitcoin's price volatility continues as geopolitical tensions rise, leading to a drop in the Fear and Greed Index amid significant market liquidations.

1 min 15 secOctober 2, 2024

Highlights:

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Bitcoin drops to $60K before bouncing back above $61K.

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Liquidation volume hits $524M, with long positions suffering most.

Bitcoin Dips to $60K Amid Market Turmoil, Recovers Slightly

On the night of October 2, Bitcoin's price plummeted to the $60,000 mark amid escalating geopolitical tensions in the Middle East, specifically following Iran's missile strikes on Israel. 

 

Bitcoin price chart.

 

This sharp decline saw Bitcoin drop nearly 4% from its previous high of approximately $64,000, reaching a low of $60,175 before slightly recovering to around $61,000 shortly thereafter.

 

The broader cryptocurrency market was significantly affected, with a total liquidation volume exceeding $524 million within 24 hours. Long positions were hit hardest, accounting for approximately $452 million of the liquidations. Many altcoins mirrored Bitcoin's downturn, experiencing declines between 5% and 10%. Ethereum, for instance, fell over 6% during this tumultuous period.

 

 

Investor sentiment has also taken a hit; the Fear and Greed Index for cryptocurrencies dropped to 42, indicating a shift into the "fear" zone. This decline reflects heightened risk aversion among traders as they react to the ongoing conflicts and their potential implications for global markets.

 

Market analysts suggest that while October is historically a strong month for Bitcoin—often referred to as "Uptober"—the current geopolitical climate poses significant challenges. Experts remain divided on whether this downturn will lead to sustained volatility or if Bitcoin can rebound as it has in previous crises.

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