Bitcoin has stabilized after falling

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.