You are right

The cryptocurrency market has experienced a sharp drop, and many investors attribute this volatility to Iran's missile attack on Israel. Geopolitical events do often have a profound impact on financial markets. The main reason is that the main expectations in the Web3 field (such as halving, interest rate cuts, ETFs, etc.) have basically ended. At the same time, the current cryptocurrency market lacks innovation and is mainly focused on meme coins, which may eventually lead to "zero return and leeks taking over". Therefore, I think this drop is within expectations.
 
It is worth noting that since Bitcoin reached a high of about $66,500 on September 27, it has fallen for several consecutive trading days, with a cumulative decline of about 7%. As of October 2, the price of Bitcoin once fell below $60,000, reaching a low of $60,128.1. Looking back at history, the 94 incident in 2017 triggered a sharp fluctuation in the market and opened a violent bull market; the liquidity crisis in March 2020 also promoted the arrival of the bull market; although the 512 incident in 2021 caused Bitcoin to be cut in half, the bull market continued. In 2022, after experiencing five consecutive kills on retail investors, project parties, miners, institutions and exchanges, after the bottom was consolidated, in conjunction with the Fed's interest rate cut policy, the bull market kicked off again.