Bitcoin prices dumped almost $4,000 in less than 24 hours following an Iranian missile strike on Israel late on Oct. 1.<\/p>\n
The asset was trading at just over $64,000 on Tuesday but it tanked<\/a> hard to bottom out at a little above $60,000 following the attack.<\/p>\n BTC has since recovered to around $61,700 during Wednesday morning trading in Asia, but it remains down 3% on the day.<\/p>\n Market sentiment has rapidly changed from \u2018greed\u2019 a few days ago back to \u2018fear\u2019 today, according to the Bitcoin Fear and Greed Index.<\/p>\n Bitcoin Fear and Greed Index is 42 \u2013 Neutral \u2014 Bitcoin Fear and Greed Index (@BitcoinFear) October 2, 2024<\/a><\/p>\n\n However, this is nothing new, and the panic sell-off is largely irrational behavior. Some may label Bitcoin as a \u2018safe haven\u2019 asset, but it has previously exhibited this behavior during geopolitical tension.<\/p>\n BTC dumped more than 13% in the days that followed Iran\u2019s drone strike on Israel in mid-April.<\/p>\n Conversely, commodities such as gold and crude oil are up today. Bitcoin pioneer Samson Mow saw the irony in this, posting on X on Oct. 2.<\/p>\n Imagine trying to hedge against war by selling #Bitcoin<\/a> to buy paper gold that you can\u2019t move anywhere in the event of actual war. https:\/\/t.co\/KX6WDaBJiM<\/a><\/p>\n \u2014 Samson Mow (@Excellion) October 2, 2024<\/a><\/p>\n\n Analysts do not appear to be concerned as Bitcoin remains within its six-month range-bound channel despite this selloff.<\/p>\n Veteran trader Peter Brandt observed<\/a> that the recent rally did not disturb the sequence of lower highs and lower lows.<\/p>\n \u201cOnly a close above $71,000 confirmed by a new ATH will indicate that the trend from the Nov. 2022 low remains in force,\u201d he added.<\/p>\n Meanwhile, analyst \u201cIncomeSharks\u201d predicted another dip before things pick up later this month<\/a>.<\/p>\n #Bitcoin<\/a> \u2013 We are all taking guesses here. If we are to get Pumptober I think this is still the likely scenario. Make people think $59k is the low but wick to $57k. Then people are bearish and sell and we reverse. Slowly back up and finish the month red then November green. pic.twitter.com\/33wAPHswyz<\/a><\/p>\n \u2014 IncomeSharks (@IncomeSharks) October 1, 2024<\/a><\/p>\n\n \u2018Rekt Capital\u2019 said<\/a> that BTC would test support at $59,800 following a retrace from resistance levels within the channel.<\/p>\n The specter of war in the Middle East has rattled the entire crypto market, with total capitalization falling 4.7% on the day, or around $150 billion. It currently stands at $2.26 trillion, according to CoinGecko.<\/p>\n Ethereum fell almost 8%, dropping to $2,450, before recovering marginally during Asian trading on Wednesday.<\/p>\n As usual, the altcoins were bleeding out even more, with heavier losses for Dogecoin (DOGE), Toncoin (TON), Avalanche (AVAX), Shiba Inu (SHIB), Chainlink<\/a> (LINK), and Polkadot (DOT).<\/p>\n In other words, it is the same old story for crypto and the same panicking from those with little conviction in the asset class.<\/p>\n The post Bitcoin Dumps $4,000 as Fear Grips Markets on Middle East Conflict<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin prices dumped almost $4,000 in less than 24 hours following an Iranian missile strike on Israel late on Oct. 1. The asset was trading at just over $64,000 on Tuesday but it tanked hard to bottom out at a little above $60,000 following the attack. BTC has since recovered to around $61,700 during Wednesday […]<\/p>\n","protected":false},"author":0,"featured_media":10891,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10890"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10890"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10891"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}No Need to Panic<\/h2>\n
\nCurrent price: $60,836 pic.twitter.com\/gi3cDBB2L6<\/a><\/p>\nElsewhere on Crypto Markets<\/h2>\n