On October 2, growing tensions in the Middle East triggered a cautious sentiment in global markets, and the crypto market fell. Data showed that Bitcoin fell by about 4% in the first two days of October, in stark contrast to the average increase of 20% throughout October in 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." (Bloomberg)
