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According to CoinDesk, tensions in the Middle East caused BTC to drop during the first half of the Asian trading session on Wednesday. The CoinDesk 20 saw its largest drop in several weeks. BTC rose to $61,500 during the early Asian session on Wednesday, having previously fallen to $60,300 due to the Middle East conflict. Iran fired approximately 200 ballistic missiles at Israel on Tuesday, and Israeli Prime Minister Netanyahu vowed to retaliate. The drop in BTC was the largest in over a month, gold prices rose, with BTC dropping as much as 6% and losing 3.5% within 24 hours. Polymarket predicts a 49% chance that Israel will retaliate against Iran before the weekend. Presto Research noted that October is traditionally a strong month for BTC, but gold has performed better in the past 24 hours. The CoinDesk 20 index fell by 4.7%. DOGE experienced the largest drop among major tokens, falling 8% in the past 24 hours, while XRP, SOL, BNB, and ETH dropped by 6%. Small tokens with a market cap below $2 billion performed the worst, with SEI, FLOKI, and STARK dropping by 16%.