Bitcoin Regains $61K in Worst Start to Most Bullish Month as Israel-Iran Tensions Rage On
Bitcoin (BTC) rose above $61,500 after dropping to $60,300 amid escalating Middle East tensions. Iran launched approximately 200 ballistic missiles at Israel, prompting threats of retaliation from Israeli Prime Minister Benjamin Netanyahu. BTC experienced its largest decline in over a month, falling 6% at one point and recording 24-hour losses of 3.5%. Historically, October has been a strong month for BTC, with only two losing years in the last 11. Polymarket indicates a 49% chance of Israeli retaliation against Iran by week’s end. Gold outperformed BTC, rising 0.8% while BTC dropped 4%. The CoinDesk 20 index fell 4.7%. Dogecoin (DOGE) led major token losses with an 8% decline, while other cryptocurrencies like XRP, Solana’s SOL, BNB Chain’s BNB, and ether (ETH) fell up to 6%. Smaller tokens saw even greater losses, with some dropping as much as 16%.
