Bitcoin (BTC) Market Experiences Drastic Price Drop Amid Rising Geopolitical Tensions

The start of October has marked an unexpected turn for the crypto market, as Bitcoin (BTC) experienced a drastic price drop.

Bitcoin (BTC) price experienced a drastic drop at the start of October, as rising geopolitical tensions and statements from the White House caused a sell-off in U.S. stocks and an increase in oil prices.

According to CoinMarketCap data, BTC price dropped by 3.05% over the last 24 hours, trading at $61,671. The sell-off follows a period of consolidation for Bitcoin, which saw the BTC price temporarily cross $66,000 after recovering from a low of $52,800 on Sept. 6.

Despite the sell-off, BTC still reflects a monthly increase of 6.5%. However, the abrupt drop resulted in losses exceeding 2.8% in the weekly statistics.

The sell-off in the crypto market also led to massive liquidations in the futures sector. Over the last 24 hours, more than $250 million in futures positions were liquidated in the crypto market, out of which $200 million corresponded to long positions betting on an increase in the BTC price.

As the market experienced a sell-off, traders who anticipated a price rebound lost their positions, contributing to the downward pressure in the crypto market.

The bearish wave impacted the broader crypto market, with the world’s second-largest cryptocurrency, Ethereum (ETH), also experiencing a significant drop. At the time of writing, ETH trades at $2,465 after decreasing by 5.3% during the same period.

Solana (SOL), the fifth-largest cryptocurrency, also saw a decrease of 5.13%, reaching a price of $146.85. Other cryptocurrencies, such as Dogecoin (DOGE), are facing even more pessimistic figures. DOGE is sinking, losing 9.8% of its value and dropping to a price of $0.1058.

It is followed by Toncoin (TON), which trades at $5.25 after falling by 8.22%, and Avalanche (AVAX), which plummeted by 8.35% and is being traded at $25.76. A general trend consolidates in the cryptocurrency market as the sale of risk assets seems to be dominating operations.

October is traditionally considered a favorable month for the crypto market, which is known as “Uptober” due to the tendency for crypto prices to increase during this period. However, this year's start contrasts with the expectations of profits that usually characterize Uptober.

The total value of the cryptocurrency market is currently estimated at $2.14 trillion, reflecting a drop of 4.7% over the last 24 hours. Meanwhile, the global trading volume reached $43.72 billion out of the total $97 billion in crypto trading volume.

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