Ethereum

Bitcoin

when

Read

<p>Just when the whole crypto community thought we were ready for “uptobar,” the market turned against us. <a href="https://captainaltcoin.com/bitcoin-5-wave-bearish-pattern-hints-at-possible-30-drop-in-btc-price-heres-the-outlook/" target="_blank" rel="noopener noreferrer nofollow">The Bitcoin price dipped</a> 4.5% today and is now trading just slightly above $60k.</p>
<p>Ethereum dipped 6% and is now trading below $2.5k. Of course, many altcoins faced 10-20% plunges. But, what’s going on?</p>
<p>The main reason for the plunge is<a href="https://www.theguardian.com/commentisfree/2024/oct/01/the-guardian-view-on-war-in-the-middle-east-israel-conflict-with-hezbollah-is-growing" target="_blank" rel="noopener noreferrer nofollow"> tensions in the Middle East</a>. Tensions escalated sharply as Iran launched missiles at Israel, which has led to increased investor anxiety across various asset classes, including crypto. In fact, the market faced substantial long liquidations, with about $403 million worth of long positions being liquidated in just 24 hours.</p>
<h2 class="wp-block-heading" id="bullish-signals-amidst-market-downturn">Bullish Signals Amidst Market Downturn</h2>
<p>Despite the current dip, Miles Deutscher pointed out that there are still a lot of bullish signals:</p>
<ul class="wp-block-list">
 <li>The FED officially pivoted with a 50bps rate cut</li>
 <li>China is stimulating its economy</li>
 <li>Global liquidity is on the rise</li>
 <li>FTX distributions are beginning</li>
 <li>Q4 (crypto’s best quarter historically) has just begun</li>
 <li>The election is just a month away</li>
</ul>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">You're seriously going to panic sell your bags? Just as:<br><br>• The FED officially pivoted with a 50bps rate cut<br>• China is stimulating its economy<br>• Global liquidity is on the rise <br>• FTX distributions are beginning<br>• Q4 (crypto's best qtr historically) has just begun<br>• The…</p>— Miles Deutscher (@milesdeutscher) <a href="https://twitter.com/milesdeutscher/status/1841222898918498815?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 1, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>On top of this, Bitcoin historically pumps in Q4 after the halving, so we’ll see if it manages to do the same this time. For now, the market is “in the red,” and we’ll see how this week and October play out.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/can-holding-ripples-xrp-make-you-a-millionaire-heres-how-many-tokens-you-would-need/" target="_blank" rel="noopener noreferrer nofollow">Can Holding Ripple’s XRP Make You a Millionaire? Here’s How Many Tokens You Would Need</a></strong></em></p>
<p><em><strong>Follow us on <a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noopener noreferrer nofollow">X (Twitter)</a>, <a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap </a>and <a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Binance Square</a> for more daily crypto updates.<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. <a href="https://www.etoro.com/customer-service/terms-conditions/trading-restriction/" target="_blank" rel="noopener noreferrer nofollow">Take 2 mins to learn more</a></strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-bitcoin-price-dips-to-60k/" rel="noopener noreferrer nofollow">Why Is The Crypto Market Down Today? Bitcoin Price Dips to $60K</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is The Crypto Market Down Today? Bitcoin Price Dips to $60K

Table of Contents

CaptainAltcoin

Other articles published on Oct 1, 2024

ETH and SOL holders see price predictions rise, Lunex Network set for 1800% surge

Ripple Secures Crucial Dubai Licensing: What Does This Mean For XRP Price?

Robinhood Crypto Launches Transfers and Rewards in Europe

Ripple’s 1 Billion XRP Release Impacts Market

Ripple secures in-principle approval to expand services in UAE

Hive Builds Mining Center in Paraguay to Increase Hash Rate by 2-3% Globally

Join our free newsletter for daily crypto updates!