On October 1, Bitcoin's price dropped to $60,000 amid escalating tensions in the Middle East.
Bitcoin Price and Middle East Situation
After starting October at $64,000, BTC's price dropped to $60,371 and then slightly rebounded. At the time of writing, BTC is trading above $61,600, down by more than 3% over the past 24 hours.
US Bitcoin ETFs Outflows
According to SoSoValue data, October 1 marked the first day of outflows in US Bitcoin ETFs after an eight-day inflow streak, totaling $1.4 billion. The outflows in US-based crypto products totaled $242.53 million yesterday.
Cryptocurrency Market Liquidations
In the past 24 hours, Bitcoin saw over $140 million in liquidations, with $126.6 million being long positions and almost $16 million being short positions. Overall, the crypto market recorded almost $526 million in liquidations over the past 24 hours.
The escalating tensions in the Middle East significantly impact the cryptocurrency market, leading to price drops and increased liquidations. The situation is expected to continue evolving, affecting global markets.
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