Bitcoin 
$61,635made a negative start to the historically positive month of October this year, with the total value of the crypto market falling by 3.29 percent in the last 24 hours to $2.16 trillion.
Price Drops and Liquidations
Bitcoin briefly fell below the $61,000 level, but at the time of writing it is trading around $61,605 with some recovery. Investors turned to physical gold instead of BTC due to caution in global markets due to increasing tension in the Middle East.
The price drop triggered large-scale liquidations in the cryptocurrency market. According to data provided by CoinGlass, $525 million was liquidated on the main cryptocurrency exchanges in the last 24 hours, and 448 million of these liquidations constitute long positions.
‘Uptober’ Traditions and Expectations
October has generally been a strong performance month with an average return of 20.69 percent over the last 10 years. 2014 and 2018 were the only years in which Bitcoin lost value in October.
While this phenomenon is known as ‘Uptober’, recent price movements have raised questions among market participants as to whether this month will repeat previous trends.
Market Sentiment and Expert Opinions
Before the selling pressure, the cryptocurrency market had a generally positive sentiment. Market data platform Santiment noted that crowd sentiment towards Bitcoin was particularly optimistic ahead of this week, noting that “when everyone is in euphoria, it is usually a sign that prices are too high and the market is ready to pull back.”
While October was generally expected to be positive, the unexpected decline this period pushed investors to develop different strategies. This fluctuation in the cryptocurrency market may cause investors to be more cautious about market conditions.
Whether fluctuations in the cryptocurrency market will continue will be closely related to current political and economic developments. The current activity in the cryptocurrency market requires investors to diversify their portfolios and follow market trends carefully.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
