CoinDesk Analysis Team
CoinDesk
-
Bitcoin ETFs saw outflows of $242.6 million on Tuesday amid escalating tensions in the Middle East.
-
BTC fell to a low of $60,300, erasing almost all of its gains since the Fed's rate cut last month.
Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. saw outflows of $242.6 million on Tuesday in their worst day since Sept. 3, according to data from SoSoValue.
The outflows snapped an eight-day streak of inflows as BTC lost as much as 6% amid an acute sharpening of tensions in the Middle East that saw Iran fire around 200 ballistic missiles at Israel on Tuesday. The strike followed Israel's attacks on Hezbollah, designated a terror group by more than 60 jurisdictions including the U.S., European Union and Arab League, in Lebanon in recent weeks. Israeli Prime Minister Benjamin Netanyahu vowed to retaliate.
Bitcoin fell to a low of $60,300, erasing almost all of its gains since the U.S. Federal Reserve's interest-rate cut last month, signaling an inauspicious start to "Uptober," the community's affectionate name for the calendar month that has historically seen the highest gains for BTC. The largest cryptocurrency has lost 2.6% since the start of the month, CoinDesk Indices data show.
Ether ETFs also suffered on Tuesday with outflows of $48.5 million, the worst day since Sept. 23.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Ethereum could decline to $2,207 if Middle East war tension escalates
Ethereum and the entire crypto market is in a downtrend on Tuesday following geopolitical tension in the Middle East. Ethereum dropped below the $3,500 psychological level upon news of Iran launching a missile attack on Israel.
XRP ETF to launch in the US following Bitwise filing
Asset manager Bitwise could launch an XRP ETF following a filing with the Delaware Division of Corporations on Monday. The filing revealed that the company had created a trust as a first step towards filing for an XRP ETF with the SEC.
Hashdex files amended S-1 for crypto index ETF in the US
Asset manager Hashdex filed an amended S-1 with the Securities & Exchange Commission for its crypto index exchange-traded funds on Tuesday following the regulator's request for more time to decide on the product.
XRP loses 2% even as Ripple secures Dubai license
Ripple receives in-principle approval from Dubai’s Financial Services Authority. The payment remittance firm secured a financial services license, and this could bolster adoption of Ripple services in the United Arab Emirates.
Bitcoin Weekly Forecast: $70,000 mark on sight as bulls remain strong
Bitcoin has risen around 3% so far this week, breaking above its range upper limit of $64,700. This gain was supported by increased institutional demand for ETFs, which recorded inflows of more than $612 million this week.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.