The world’s largest cryptocurrency, bitcoin, has seen a major correction this week, seeing its price plunge dramatically – dipping from almost $66,000 recently to $62,000 on Tuesday afternoon.

Tensions in the Middle East were a major factor in bitcoin's price drop, with Iran’s missile attack on Israel shaking markets. As violence continues unabated in the Middle East, bitcoin is expected to see further downward pressure. As the attack escalated, other cryptocurrencies were also impacted. The world's second-largest cryptocurrency, ethereum, for example, also plummeted by 6.3%. It currently sits at a price of $2,456, according to CoinMarketCap.

Additionally, bitcoin mining companies have also been negatively impacted, with Marathon Digital seeing its shares drop almost 9% and briefly settle at a new price of $14.84.

Despite “Uptober” promising to emerge, market activity has not reflected this just yet. While the U.S. Federal Reserve’s recent interest rate cuts offered some buoyancy to crypto markets, bitcoin is still struggling, though many market analysts see its long-term forecast as ultimately resilient.

On average, October typically sees the world’s largest crypto enjoy gains of 22.9%, but it remains to be seen if this will materialize.

There are some bright spots, however: On Sept. 27, bitcoin exchange-traded funds (ETFs) recorded more than $400 million in inflows, representing one of the largest inflow records for a single day since mid-June.

Additionally, the U.S. Securities and Exchange Commission recently approved BlackRock’s iShares Bitcoin Trust (IBIT) push for derivatives trading being listed on Nasdaq. The move will bring enhanced liquidity and market depth, and will allow institutional investors to manage their investment risks more effectively, experts predict. They will also be able to deploy yield strategies.