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International Conflict Sparks Crypto Jitters - Will "Uptober" Rebound or Are the Bears Coming?

Author

Austin Hodge
October 03, 2024 • Read Time: 12 minutes

The crypto market took a sharp 6% hit, falling to a $2.24 trillion market cap as tensions between Iran and Israel escalate, making for choppy waters across the global investment landscape. Over half a billion dollars in crypto futures were liquidated in 24 hours, with Bitcoin, Ethereum, and Solana leading the losses. A whopping 86.6% of these liquidations were long positions, indicating that many traders were caught off guard by the market's sudden shift. Binance led the liquidations, accounting for nearly half of the $556 million total, reinforcing how volatility can amplify losses in leveraged trading. The road ahead is uncertain as geopolitical upheaval adds a new twist to October's traditionally upward trajectory, but the market’s resilience and potential catalysts still have time to spark a turnaround if “Uptober” has anything to say about it.

Let’s dive in!

  • Crypto market cap drops 6% amid Middle East tensions with over $556 million in futures liquidations. — Read More

  • Half of US voters deem crypto policies pivotal in their 2024 election choices. — Read More

  • Ohio senator introduces bill for cryptocurrency tax payment options. — Read More

  • Kamala Harris's proposed 25% tax on unrealized crypto gains risks selling pressures and market downturn. — Read More

  • Republican Mike Rogers slams crypto PAC Fairshake for funding Democrat Elissa Slotkin in Michigan Senate race, questioning their motives and strategy. — Read More

  • CoinDesk reveals North Korea's success in infiltrating crypto firms with their developers. — Read More

  • Christie's to issue blockchain-based certificates for Trevor Traina photography collection, enhancing art transparency. — Read More

  • Bitwise has filed an S-1 form with the SEC for a new XRP ETF, marking its first attempt to launch an XRP-based fund in the US market. — Read More

  • Mastercard partners with Amazon to enhance payment processes with digital solutions. — Read More

  • Fantom's token price jumps 71%, fueled by anticipation of the Sonic network upgrade. — Read More

  • QCP Capital observes crypto market stability post-Iran's missile attacks, highlighting robust demand for risk assets. — Read More

  • Kraken Exchange delists Monero in EEA citing regulatory pressures, dragging its price below $150. — Read More

  • Sub-Saharan Africa sees growth in crypto use, led by Nigeria's top adoption and South Africa's institutional involvement. — Read More

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