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Bitcoin has stabilized after falling

October, 02 2024
watermark Economic news

The bitcoin exchange rate stabilized at trading on Wednesday after falling by almost 3% the day before, caused by a sharp decrease in demand for risky assets. The current quote of the BTC/USD pair is $61,460. 


The day before, the fall of the cryptocurrency from the area of $66 thousand to $60,600 was associated with the escalation of the conflict in the Middle East. Iran's Islamic Revolutionary Guard Corps fired about 180 rockets at Israel, which triggered a wave of sales of risky assets, including cryptocurrencies, stocks in Europe and the United States. This, in turn, strengthened the so-called «protective assets» – government bonds and gold.


Nevertheless, Sean McNulty, head of the trading department at Arbelos Markets, noted that the current decline in bitcoin may be temporary. He suggests that the cryptocurrency will resume growth if the Federal Reserve continues to cut rates. According to him, October has historically been a strong month for bitcoin, and this trend continues.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.
Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.