Bitcoin Prices Plunge on Middle East Tensions

Bitcoin (BTC-USD) and related stocks are experiencing a sharp decline in prices following Iran's attack on Israel Tuesday evening. This escalation of tensions in the Middle East has pushed the cryptocurrency market into the red.  October is traditionally a positive month for Bitcoin over its relatively short lifespan.

Gamblers looking to withdraw funds from online sports betting and casino sites should consider cryptocurrencies tied to the U.S. dollar such as Ethereum (USDT).

“Surging unrest across the Middle East has propelled oil prices upward and reinforced the dollar’s strength, casting a shadow over bitcoin and other speculative investments,” said Chris Kline, chief operating officer and co-founder of Bitcoin IRA, in an interview with CNBC following the attack.

“In stark contrast to September’s stronger-than-expected performance for bitcoin, October looms as a potential rollercoaster, influenced by the delayed ripple effects of last spring’s halving event and the approach of a divisive American electoral contest,” he added. “Meanwhile, a global monetary tug-of-war is unfolding as various central banks slash interest rates and expand their money supplies.”

Bitcoin has struggled to break its ceiling of $70,000, though the $55,000 threshold has provided strong support for the crypto asset.