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Bitcoin Experiences Largest Drop In Over A Month

02/10 13:13

According to Odaily, Bitcoin experienced its largest drop in over a month, with a decline reaching up to 6% and a 24-hour decrease of 3.5%. A report by Presto Research traders on Wednesday highlighted that this marks the worst start for Bitcoin in what is historically its most bullish month of October. Presto noted, 'Historically, October has been a strong month for Bitcoin, with only two years of decline in the past 11 years.' The report also pointed out that gold performed exceptionally well over the past 24 hours. Researchers led by Peter Chung wrote, 'Following the Iranian attack in May, last night's price movement of Bitcoin (a 4% drop) and gold (a 0.8% rise) is perplexing, especially considering BlackRock's recent positioning of Bitcoin as a safe-haven asset similar to gold. The reality is that the short-term price movements of these two assets reflect their different stages of maturity.' The report added, 'Gold is a much more mature asset, having served as a store of value for 5,000 years, leaving little room for incremental network effects. On the other hand, Bitcoin shares the same attributes that make it a good store of value (in many cases better) but has only a 15-year history. This means it is still in the early stages of mainstream adoption, and much of its narrative remains unknown.'

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