Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-prices-drop-as-elections-approach" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Prices Drop as Elections Approach</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/anticipating-the-institutional-surge-in-crypto-by-2024" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s value is on a downward trajectory after a brief surge, currently sitting at $67,670. The cryptocurrency market is facing increased pressure, particularly as the upcoming U.S. election looms and critical support levels slip away. Profit-taking has surged, contributing to losses in altcoins, which are down over 5%.</p>
<h2 style="text-align: justify" id="what-caused-bitcoin-s-downturn">What Caused Bitcoin’s Downturn?</h2>
<p style="text-align: justify">Anticipation of a new U.S. President being announced this Tuesday has led traders to adopt a more cautious stance across the cryptocurrency market. Bitcoin, which had recently surpassed $73,000, experienced over $2 billion in sales from short-term holders last Thursday, indicating a belief that further price peaks may not materialize. As Trump’s chances on crypto prediction platforms decline, Bitcoin continues its downward spiral.</p>
<h2 style="text-align: justify" id="will-market-conditions-improve">Will Market Conditions Improve?</h2>
<p style="text-align: justify">Concerns over ETF inflows seem to be influencing market volatility, especially as the election date nears, reducing the perceived likelihood of Trump’s victory. Analyst Moustache highlighted that Bitcoin testing the $64,000 to $66,000 range appears plausible and will be critical in the coming days.</p>
<ul>
 <li>Bitcoin’s price has fallen below $68,000 due to profit-taking.</li>
 <li>Short-term investors sold over $2 billion in Bitcoin last Thursday.</li>
 <li>Upcoming U.S. election is causing risk aversion among traders.</li>
 <li>Federal spending increased significantly in Q3 2024, affecting market sentiment.</li>
</ul>
<p style="text-align: justify">Despite potential rebounds linked to rising national debt, prominent figures like Warren Buffet advocate for cash reserves during uncertain economic times, which may hinder cryptocurrency growth. The Kobeissi Letter highlighted a 9.7% rise in federal spending last quarter, marking the steepest increase since early 2021, raising further questions about the market’s stability.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/bitcoin-prices-drop-as-elections-approach" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Prices Drop as Elections Approach</a></h5>

Bitcoin Prices Drop as Elections Approach

Table of Contents

BH NEWS

Other articles published on Nov 3, 2024

Is It Too Late to Buy Solana? Expert Reveals 4 Sol Alternatives Ready to Skyrocket by Christmas

3 cryptos heating up: Solana, XRP, and a new altcoin set to transform $500B industry

BNB and TRX Show Potential, But CYBRO’s 1,000x ROI Sets It Apart

Bitcoin Price Drops Below $70K: What’s Next?

Traders Watch for Cryptocurrency Market Movements

Cantor Fitzgerald CEO with $13.2 Billion Wealth Reveals How Much Bitcoin He Owns

Join our free newsletter for daily crypto updates!