Bitcoin on a roller coaster: prices drop below $69k

Bitcoin on a roller coaster: prices drop below $69k

The cryptocurrency market experienced turbulent days as the price of Bitcoin briefly fell below the psychological $69,000 mark. This drop sparked massive liquidations, reaching nearly $350 million, in what has become the biggest market ripple since October 25. This situation occurred at a time when traders were expressing heightened nervousness on the eve of the United States presidential election on November 5.

According to CoinGlass platform data, $349.8 million worth of betting positions were liquidated on November 3, with this volume consisting of $259.7 million worth of long positions and $90.1 million worth of short positions. Bitcoin prices have experienced dramatic fluctuations over the past seven days, starting on October 28 when the currency traded around $67,700, through a peak of nearly $73,300 on October 29 to a low of $67,719 on November 3. Bitcoin's current price now stands at US$69,145, according to CoinGecko.

Elections and cryptocurrencies: what does this mean for the market?

Bitcoin price fluctuations already seem to be linked to the upcoming election. On crypto betting platform Polymarket, the gap between the candidates' chances - Donald Trump and Kamala Harris - has narrowed. Trump, who at the beginning of October led with a 67% probability of winning, has now fallen to 56%. Harris, the Democratic candidate, maintains a slightly better position, with a 0.9 percentage point lead on November 3.

While Trump is seen as a positive candidate in the crypto-industry because of his promises to make the U.S. the "cryptocurrency capital of the world" and fire the chairman of the Securities and Exchange Commission, Harris is focusing her approach on regulating cryptocurrencies and promoting the rights and interests of black voters.

The future of Bitcoin in the hands of voters?

Experts and traders speculate that if Trump were to win, it could catapult the price of Bitcoin up to $100,000. Conversely, a Harris victory could lead to a significant drop. Cryptocurrency trader Daan Crypto Trades anticipates that Bitcoin could see a move of up to 10% in either direction as a result of the election.

Thus, matters surrounding the election and its impact on the cryptocurrency market remain in the spotlight. Any political events directly affecting market sentiment could lead to further dramatic swings that will affect all investors following this fascinating and turbulent world of cryptocurrencies.

The Coingarage team