|| || |UPTOBER CANCELLED? 🤔| |BREAKING: Middle East tension causes huge crypto market shakeup, $489 million liquidated| || |Well that wasn’t the start to “Uptober” we were expecting…| |Bitcoin fell during US trading hours as headlines of escalating tensions in the Middle East caused investors to dump risk assets.| |At the time of writing, Bitcoin is down ~3.45% and sitting around the $61,000 mark.| |It wasn’t just Bitcoin and crypto that felt the effects.| |The S&P 500 also fell ~1.16% on the day.| || |But we’ve been here before.| |If you can remember back to April of this year, this exact same situation occurred:| | Headline from April 14, 2024| |And again in August:| | Headline from August 1, 2024| |Both times, Bitcoin bounced back.| |Last week BlackRock released a research report on Bitcoin. (Checkout our breakdown of it here)| |And in that research report, BlackRock highlighted Bitcoin’s response to major geopolitical events.| |BlackRock found that Bitcoin often recovers back to its prior level within days or weeks. And in many cases it rallies even further.| || |But that’s a getting a little ahead of ourselves…| |So far this “crash” (if you can even call it that?) has only seen Bitcoin fall by ~3.45%.| |And it’s also worth pointing out that Bitcoin is holding up impressively well.|
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