According to ChainCatcher, the growing tensions in the Middle East have triggered a cautious sentiment in the global market, and the crypto market has fallen. Data shows that Bitcoin fell by about 4% in the first two days of October, in sharp contrast to the average increase of 20% in October over 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. "October tends to be Bitcoin's best month, and this seasonal trend remains."
