The price of Bitcoin surged past $65,000 per coin for the first time this month early Monday, with CoinGecko data showing that the leading crypto asset is now just above the $66,000 mark as well.

Bitcoin was last trading this high on September 27. The biggest virtual coin by market cap got off to a slow start at the beginning of "Uptober"—what traders call October because of the historically large gains they typically see during the month—but it is now up more than 6% in 24 hours.

In the past 30 days, Bitcoin has risen by over 10%. Earlier this month, the asset dropped as low as $59,000.

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Money has flowed back into new Bitcoin exchange-traded funds (ETFs) following the Federal Reserve's decision last month to cut sky-high interest rates.

Bitcoin and other cryptocurrencies behave like "risk-on" assets, which typically perform better when interest rates are lower.

Elsewhere, Ethereum's price has risen nearly 6% in the past day and currently stands at $2,595 per coin. Over the last 30 days, it has jumped by 8%.

Bitcoin Price Drops Sharply as 'Uptober' Begins With Mass Liquidations and Middle East Tensions

The Bitcoin price dropped sharply Tuesday morning at the beginning of a month historically expected to bring in gains for traders. The price of the largest digital asset now stands at $62,798, CoinGecko shows, after dropping as low as $62,633. In a 24-hour period, it's down nearly 2%. U.S. equities also experienced a sharp sell-off and the price of oil rose after the White House said it was expecting Iran to attack Israel. Tensions in the Middle East have previously caused sell-offs of "risk-on"...

NewsMarkets
2 min read
Mat Di Salvo

And Solana, the fifth-biggest digital asset by market cap, has risen by nearly 6% too and is now priced at $155 per coin.

Tensions in the Middle East and worries over the Federal Reserve's next moves frightened traders away from Bitcoin for months. The biggest digital currency hit a new all-time high of nearly $74,000 in March, but has struggled to remain near that level for months.

Is it only up from here?

Edited by Andrew Hayward

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