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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Bitcoin has stabilized after falling

October, 02 2024
watermark Economic news

The bitcoin exchange rate stabilized at trading on Wednesday after falling by almost 3% the day before, caused by a sharp decrease in demand for risky assets. The current quote of the BTC/USD pair is $61,460. 


The day before, the fall of the cryptocurrency from the area of $66 thousand to $60,600 was associated with the escalation of the conflict in the Middle East. Iran's Islamic Revolutionary Guard Corps fired about 180 rockets at Israel, which triggered a wave of sales of risky assets, including cryptocurrencies, stocks in Europe and the United States. This, in turn, strengthened the so-called «protective assets» – government bonds and gold.


Nevertheless, Sean McNulty, head of the trading department at Arbelos Markets, noted that the current decline in bitcoin may be temporary. He suggests that the cryptocurrency will resume growth if the Federal Reserve continues to cut rates. According to him, October has historically been a strong month for bitcoin, and this trend continues.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.