### Cryptocurrency News
- Leading cryptocurrencies like Bitcoin and Ethereum experienced significant declines in early October due to rising geopolitical tensions between Iran and Israel.
- Prices have recovered by mid-October, but concerns about market volatility remain.
### Arthur Hayes Analysis
- BitMEX co-founder Arthur Hayes compared the current geopolitical situation to a potential avalanche that could hit financial markets in his blog.
- He identified two scenarios: a limited conflict with minor market disruptions and an escalation that could lead to serious consequences for cryptocurrencies.
### Impact on Mining
- Hayes noted that even if Iran’s mining infrastructure is destroyed, it will not have a long-term impact on the Bitcoin network.
- He compared this to China’s mining ban in 2021, after which the hash rate recovered within eight months.