2024

Donald Trump

Bitcoin

Reserve

<p>The crypto market is down today, Bitcoin (BTC), closed the first week of November with a short-term bearish outlook. More traders have feared the anticipated crypto volatility amid this week’s conclusion of the <a href="https://www.youtube.com/watch?v=aP2Q_7rzNs0&amp;pp=ygUadXMgZWxlY3Rpb24gMjAyNCBjb2lucGVkaWE%3D" target="_blank" rel="noreferrer noopener">2024 U.S. election</a> and potential Fed rate cuts.</p>   
<p>The Federal Reserve is poised to cut rates by <a href="https://coinpedia.org/news/bitcoin-hits-61k-as-fed-slashes-interest-rates-by-50-bps-after-four-years/" target="_blank" rel="noreferrer noopener">25 basis points in November</a>, following a 50-point cut in September. With inflation at 2.1% and wage growth slowing to 0.8%, traders are on alert as the Fed’s meeting coincides with the election, potentially impacting the <a href="https://coinpedia.org/news/what-happened-in-crypto-today/" target="_blank" rel="noreferrer noopener">crypto market</a>.</p>   
<p>But what’s behind all this back-and-forth?</p>   
<h2 class="wp-block-heading" id="h-350m-liquidation-shakes-crypto-market"><strong>$350M Liquidation Shakes Crypto Market</strong></h2>   
<p>Market jitters have led to substantial liquidations, reaching nearly $350 million on November 3 as Bitcoin briefly dipped below the critical $69,000 threshold. Traders’ anxiety is palpable as they position cautiously ahead of the U.S. presidential election outcome. </p>   
<p><a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">According to CoinGlass</a>, the market saw a massive $349.78 million in liquidations, with $259.7 million in long positions and $90.08 million in short positions—marking the largest single-day liquidation event since October 25, when Bitcoin struggled to maintain its rally above $70,000.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-s-wild-ride-peaks-dips-and-recovery">Bitcoin’s Wild Ride: Peaks, Dips, and Recovery</h2>   
<p>Bitcoin’s price volatility has been significant over the past week. Starting around $67,700 on October 28, it quickly climbed to nearly $73,300 before sharply declining. By November 3, Bitcoin hit a low of $67,719, and it has since bounced back slightly, trading around $69,145. </p>   
<p>Other major altcoins, like Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), showed mixed results with only minor fluctuations. The Market Fear &amp; Greed Index remains neutral at 53, according to CoinMarketCap, reflecting cautious sentiment among investors.</p>   
<h2 class="wp-block-heading" id="h-election-odds-trump-vs-harris"><strong>Election Odds: Trump vs. Harris </strong></h2>   
<p>Political uncertainty is amplifying market tension. On <a href="https://polymarket.com/event/presidential-election-winner-2024" target="_blank" rel="noreferrer noopener nofollow">Polymarket</a>, betting odds for the U.S. presidential candidates show a tightening race between Donald Trump and Kamala Harris. Trump’s odds surged to 67% at the end of October but have since corrected to 56%, indicating the unpredictable nature of this election and its potential market impact.</p>   
<p>Many in the crypto community view Trump as a more favorable candidate due to his promise to overhaul regulatory frameworks that could benefit the crypto sector.</p>   [post_titles_links postid="375392"]   
<h2 class="wp-block-heading" id="h-potential-outcomes-and-trader-predictions"><strong>Potential Outcomes and Trader Predictions</strong></h2>   
<p>Market speculation is swirling, with some traders predicting that a Trump victory could push Bitcoin to $100,000, while a Harris win might lead to a significant price drop by the year’s end. Crypto trader Daan Crypto Trades suggests that Bitcoin could experience at least a 10% swing depending on the election outcome, adding to the suspense in an already tense market.</p>   
<p><strong>How do you feel about the current market volatility? Are you planning to adjust your trading strategy based on the election?</strong></p>

Why the Crypto Market Is Down Today? Election Week Triggers Anxiety

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