Crypto traders anticipate an end to the recent lackluster market movements as we enter the second month of the final quarter. Bitcoin has been ensnared below $73,777 since the peak in March.
The price experienced a decline as a result of the forthcoming U.S. election and the escalating geopolitical tensions, following a recent peak of $73,600. What is the present state of cryptocurrencies?
Present Condition of Bitcoin (BTC)
Trading volumes have declined once more, thus perpetuating the weekend trend of indifference. Certain altcoins have sustained losses that surpass five percent. At the present time, the price of Bitcoin (BTC) is $68,666. BTC is expected to achieve new heights this month if it replicates its 2021 performance; however, this necessitates the conclusion of the U.S. elections.
The announcement of the new U.S. President is scheduled for November 5. Cryptocurrencies have never been more dependent on the identity of the new President. The substantial supportive statements made by Trump regarding cryptocurrencies and Bitcoin have sparked excitement. We should anticipate a significant increase in the upcoming week if he is successful.
Do you recall the day when the price surpassed $40,100? BTC’s all-time high was achieved shortly thereafter. Currently, it is necessary to observe a comparable breach and support above $70,000 in order to establish new record levels.
It is imperative to preserve support at $69,000 in order to prevent any further decline. Volatility could generate substantial highs and lows within the range of $80,000 to $55,000, contingent upon the news flow in the upcoming hours.
Present Condition of Cryptocurrencies
The aggregate volume of all cryptocurrencies has decreased to $55 billion. This is a 37% decrease from yesterday, which is typical for the weekend. The index of dread and greed is currently at 55. The latest target of an SEC lawsuit, IMX Coin, has experienced the most significant decline this week, with an 18% decline.
A number of other cryptocurrencies, including MEW, TAO, BEAM, HNT, WLD, TIA, NOT, WIF, BONK, and BRETT Coin, have also experienced double-digit losses. The ongoing SEC litigation suggest that institutional pressure on cryptocurrencies may persist following the elections.
Trump’s appointment of a pro-crypto president is the sole course of action to alleviate this situation. Uyeda and Peirce, members of the Securities and Exchange Commission, have expressed their dissatisfaction with the agency’s previous decisions. One of them may be considered a viable candidate.
