Bitcoin Falls to 60K on Rising Conflict in Middle East

Iran Attacks Israel in Five Months...Israel Warns of Retaliation
BTC Plunged to $60,000 in Conjunction with the Massive Liquidation
Futures Market Clearance Rush the Decline...$495 Million Liquidated
Altcoin Plunged Fast Due to BTC Fall...Altcoin Dropped 5% on Average

Bitcoin (BTC) plunged due to rising international emotional tensions caused by armed conflict in the Middle East and fell to $60,000 in conjunction with the massive liquidation that occurred on Oct. 2, 2024.

Iran launched a massive ballistic missile attack on Israel on Oct. 1. It has been about five months since the U.S. airstrikes on Israel with missiles and drones. The crisis of war has escalated in the Middle East, with Israel signaling another retaliation against Iran.

The asset market fell all at once due to the escalating war crisis in the Middle East. The Dow Jones fell 0.41%, the S&P fell 0.93%, and the Nasdaq fell 1.53% while Bitcoin was more directly hit.

Bitcoin fell 4% in about three hours on the news of Iran's attack on Israel on Oct. 1.

The sharp drop in Bitcoin sparked a massive liquidation in the futures market. Many futures investors bet on Bitcoin's further rise, and most of these amounts have been liquidated.

According to data from the on-chain analysis platform CoinGlass on Oct. 2, liquidation in the bitcoin futures market reached $495 million dollars. The liquidation of the rising(long) bet is about $312 million. Bitcoin's long-term liquidation was about $416.6 million and its short-term liquidation was about $73 million.

Bitcoin is down about 6% from the previous day and recording about $69.2 million based on the coin market cap at 9 a.m. on Oct. 2, 2024.

The decline of bitcoin also melted altcoins weakly. Most altcoins are down more than 5%, including Ethereum(ETH), Solana(SOL), and Ripple(XRP), which are down about 5.83%, 5.26%, and 2.01%, respectively, compared to the previous day.

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