As we step into the second month of the final quarter, those involved in the world of digital currency eagerly anticipate a shift from the recent stagnant market movements. Since reaching its peak in March, Bitcoin has struggled to break free from the $73,777 mark. Despite a recent climb to $73,600, the price has once again dipped due to escalating geopolitical tensions and the impending U.S. election. What is the current state of affairs for cryptocurrencies?
Current Status of Bitcoin (BTC)
Trading volumes have once again dwindled, following the trend of indifference commonly seen over the weekends. Some alternative coins have faced losses exceeding 5%. Presently, Bitcoin (BTC) is priced at $68,666, down from $68,502. If it manages to mirror its performance from earlier this year, BTC is poised to reach new heights in the upcoming month, provided the U.S. election reaches a conclusion first.
On November 5, the new U.S. President will be revealed. The identity of the new President holds significant importance for the world of cryptocurrencies this time around. President Trump’s positive remarks regarding cryptocurrencies and Bitcoin have sparked anticipation. A victory for him could potentially lead to a noticeable upward surge in the market in the following week.
Recall the day when the price surpassed $40,100? Shortly after, BTC surged to an all-time high. Now, the hope is for a similar breakthrough and sustained support above $70,000 to pave the way for new record levels. Maintaining support at $69,000 is crucial to prevent any significant decline. Depending on the news cycle in the hours to come, volatility could result in notable highs and lows ranging from $80,000 to $55,000.
Current Status of Cryptocurrencies
The total trading volume across all cryptocurrencies has dropped to $55 billion, marking a 37% decrease from the previous day, a common occurrence over the weekend. The fear and greed index currently stands at 55. IMX Coin has suffered the most this week, experiencing an 18% decline after becoming the latest target of a lawsuit by the SEC.
Other cryptocurrencies such as MEW, TAO, BEAM, HNT, WLD, TIA, NOT, WIF, BONK, and BRETT Coin have also seen double-digit losses. The ongoing lawsuits by the SEC suggest that institutional pressure on cryptocurrencies may persist post-election. The appointment of a pro-crypto President by Trump could potentially alleviate this pressure. SEC members Uyeda and Peirce have criticized the agency’s past decisions, with one of them possibly being a candidate for a leadership position.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own thorough research.
