Analysis: Bitcoin has increased by an average of 20% in October over the past 10 years, and the seasonal trend of "October is the best month" still exists

Odaily Odaily News: Growing tensions in the Middle East have triggered a cautious sentiment in global markets, and the crypto market has fallen in response. Data shows that Bitcoin fell about 4% in the first two days of October, in stark contrast to the average 20% increase in October throughout the past 10 years. Sean McNulty, head of trading at liquidity provider Arbelos Markets, believes that the sell-off is a "temporary setback" given that the Federal Reserve has begun to cut interest rates, and the government after the US presidential election in November may also be more friendly to the cryptocurrency industry. McNulty added: "October tends to be Bitcoin's best month, and this seasonal trend remains." Recently, the trend of digital assets has been more in sync with the stock market, indicating that macroeconomic drivers such as the Federal Reserve's monetary policy outlook are currently critical to Bitcoin. The 50-day correlation coefficient measuring the top 100 cryptocurrencies and the MSCI Inc. global stock index is 0.65, the highest level since 2022. A reading of 1 means that assets move in sync, while a reading of -1 indicates the opposite trend. (Bloomberg)