Crypto Prices Dump as Iran Launches Missiles at Israel – Has “Uptober” Already Been Upended?

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

Crypto prices are under pressure in wake of reports suggesting that Iran has launched a missile attack against Israel, with Bitcoin (BTC) dropping to test $62,000 as markets await further developments.

ISRAELI MEDIA REPORTS IRAN LAUNCHED OVER 100 MISSILES WERE FIRED AT ISRAEL

Iran has attacked Israel in response to the latter’s recent incursion into Lebanon as part of its ongoing military actions against the anti-Israel militant group Hezbollah, an Iran-backed proxy.

The fear is that Iran’s assault on Israel may trigger a full-scale war between the two countries and drag in major powers like the US and Russia, all whilst disrupting Middle Eastern oil flows.

Bitcoin was last down 1.7% on the day and 6.5% versus last week’s highs above $66,000.

Other major crypto prices were nursing even steeper losses, with Ethereum (ETH) down 4% on the day and Solana (SOL) 3.3% on the day, per TradingView exchange data.

Tuesday’s bearish market action marks a downbeat start to October for crypto prices.

That might have taken some by surprise, with many market participants preparing for more upside this month.

Indeed, October has historically been the best month of the year for Bitcoin, posting an average gain of 27% since its inception per bitcoinmonthlyreturn.com.

That has led, over the year, to some traders reffering to the month as “Uptober”.

But if a major war breaks out in the Middle East between Israel and Iran, this could trigger further risk off trading conditions.

Further downside in major crypto prices could be imminent and the