Middle East Tensions Spark Crypto Sell-off

ChainCatcher reports that rising tensions in the Middle East have sparked a cautious mood in global markets, leading to a decline in the crypto market. Data shows Bitcoin has fallen roughly 4% in the first two days of October, a stark contrast to its average 20% gains throughout October over the past decade.

Sean McNulty, trading director at liquidity provider Arbelos Markets, believes the sell-off is a "temporary setback" given the Federal Reserve's recent interest rate cuts and the potential for a more crypto-friendly government after the US presidential election in November. "October tends to be a strong month for Bitcoin, and this seasonal trend remains in place."