A combination of factors is fueling the crypto market’s nose dive to three-week lows as Bitcoin dropped below $60,000 on Sunday for the first time since July 13, analysts say.

The asset has shed 10% of its value during weekend trading to just below $55,000, CoinGecko data shows. Total liquidations over the last 24 hours have also spiked to $620 million, with longs accounting for 90% of the wipeout, according to CoinGlass data.

Uncertainty surrounding the U.S. election, interest rate fluctuations, and potential instability in the Middle East—are collectively causing market volatility and concern among investors, Rich Rosenblum, co-founder of trading firm GSR, told Decrypt.

“Most signals point to crypto entering a second phase of the bull market,” he said. “Yet, if there’s a macro or geopolitical collapse, similar to March 2020, we’re likely to see crypto take the brunt of it, as it’s not a high conviction play from much of the ‘tourists’ that have entered the last year.”

If that happens, the setup could present a “home run opportunity to buy,” given that the “worse things look from a macro perspective, the more money printing will be needed,” Rosenblum added.

Increased money printing generally leads to inflation by stimulating borrowing through various programs, including open market operations and quantitative easing, which can make assets like Bitcoin more attractive to investors.

“Whether that’s to resuscitate a job market that’s mostly added to government payrolls and part-time jobs, to pay for an expensive war machine, or ill-conceived plans to fight inflation, the worse things get, the more Bitcoin will eventually catch a bid when monetary policy again runs amok,” Rosenblum said.

Former President Donald Trump’s path to a White House victory in November has also been upended following President Joe Biden’s decision to bow out of the race last month and endorse Vice President Kamala Harris. 

Now, Harris appears to be gaining in the polls, with voters preferring the vice president nationally instead of Trump by a margin of 1%. At the same time, in key battleground states, Harris has climbed neck and neck, according to a recent CBS News Poll.

Uncertainty over a clear winner and insights into which U.S. policies would be implemented by next year comes as geopolitical tensions rose over the weekend in the Middle East.

Israel is now preparing for potential attacks by Iran and Hezbollah this week, with assaults tipped to come from several fronts, local media reported Sunday.

Flaring tensions in the Middle East threaten to boil over into a larger conflict, which could disrupt trade in the region and wreak havoc on both domestic and global markets, Decrypt was told.

“Crypto can sell off over weekends like this as it’s the only thing that can be sold,” Ryan McMillin, chief investment officer at crypto fund manager Merkle Tree Capital, told Decrypt.

Even with most headwinds seemingly coalescing and catching traders unawares, McMillin said the worst could be in the rearview.

“It’s actually not too bad to find bitcoin at the bottom of its five-month-long range,” he said.