"Gold Finance reported that the escalating tensions in the Middle East have sparked a cautious mood in global markets, causing a dip in the cryptocurrency market. Data shows Bitcoin fell by approximately 4% in the first two days of October, a stark contrast to the 20% average rise throughout October over the past 10 years.

Sean McNulty, head of trading at liquidity provider Arbelos Markets, believes this sell-off is a "temporary setback," given the Federal Reserve has started cutting interest rates, and the government after the US presidential election in November could also be more friendly towards the cryptocurrency industry. "October is often the best month for Bitcoin performance, and this seasonal trend still exists."