Arbelos Markets Director: Crypto seasonality remains even as Middle East conflict triggers investor caution
Golden Finance reported that the growing tensions in the Middle East have triggered a cautious sentiment in global markets, and the crypto market has fallen in response. Data shows that Bitcoin fell by about 4% in the first two days of October, in stark contrast to the average increase of 20% in October over the past 10 years. Sean McNulty, head of trading at liquidity provider Arbelos Markets, believes that the sell-off is a "temporary setback" given that the Federal Reserve has begun to cut interest rates, and the government after the US presidential election in November may also be more friendly to the cryptocurrency industry. "October tends to be Bitcoin's best performing month, and this seasonal trend remains."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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