The cryptocurrency market is undergoing another correction after a brief rally over the weekend. Bitcoin (BTC) is moving closer to falling below $62,000, and the global crypto market cap has dipped 3.9% in the last 24 hours to $2.26 trillion.
While the correction may be alarming, we may witness a resurgence very soon, given that historically, October has been a bullish month for the cryptocurrency market.
Also Read: XSGD Stablecoin Launch: Singapore’s Dollar-Backed Crypto on Bitstamp
Why Is The Market Falling Today?
The latest correction could be due to several reasons. Growing tensions in the Middle East may have spooked investors away from risky assets. Investors may be anticipating a market dip if the conflict between Iran and Israel continues.
Another reason for the cryptocurrency market dip could be the US Supreme Court not accepting the case regarding the $4.4 billion worth of Bitcoin (BTC) seized from the Silk Road dark web…
