Bitcoin Falls To $60,000 As Crypto Slumps To Start October

Yolowire 3-Oct-2024 10:04 AM

The price of %Bitcoin (CRYPTO: BTC) has slid to $60,000 U.S. amid a broader decline in the %Cryptocurrency market to start October.

Bitcoin is coming off its best September performance on record, having risen above $65,000 U.S. after the U.S. Federal Reserve lowered interest rates by 50-basis points.

However, Bitcoin is once again in retreat as escalating tensions in the Middle East and concerns about the U.S. economy lead investors away from riskier assets such as crypto.

Other cryptocurrencies are also declining to start October, with Ethereum’s price having fallen 10% in the past week to under $2,400 U.S. per digital token.

Smaller cryptocurrencies and stocks related to crypto are also sliding lower, with shares of exchange %Coinbase (NASDAQ:COIN) having decreased 8% since Oct. 1.

The difficult start to the fourth and final quarter of the year is surprising as October and November have historically been the strongest months of the year for cryptocurrencies.

Bitcoin has averaged a 23% gain in October each year since 2013, leading crypto bulls to label the month “Uptober.”

Despite the current decline, many analysts are still forecasting a year-end rally in Bitcoin, with some predicting a new all-time high above $75,000 U.S.

So far this year, Bitcoin’s price has risen 37% to currently trade at $60,500 U.S.