As we step into the second month of the final quarter, the crypto community eagerly anticipates a shift from the recent lackluster market movements. Since reaching its peak in March, Bitcoin has been struggling to break free from the $73,777 mark. Despite a recent surge to $73,600, the price dropped amidst rising geopolitical tensions and the impending U.S. election. What is the current state of affairs in the world of cryptocurrencies?
Current Status of Bitcoin (BTC)
Trading volumes have once again dwindled, following the weekend trend of indifference. Some alternative coins have seen losses surpassing 5%. Presently, Bitcoin (BTC) is priced at $68,666, down from its peak of $68,502. If it mirrors its performance from earlier this year, BTC could soar to new heights this month, pending the conclusion of the U.S. elections.
On November 5, the new U.S. President will be revealed. The outcome of the election has never been more crucial for the world of cryptocurrencies. President Trump’s favorable comments on cryptocurrencies and Bitcoin have stirred excitement. Should he secure victory, we can expect a significant upward trajectory in the upcoming week.
Remember when the price surged past $40,100? Shortly after, BTC reached its all-time high. Now, a similar breakout above $70,000 is needed for new record levels to be achieved. Maintaining support at $69,000 is vital to prevent any downturns. Depending on the news cycle in the hours ahead, volatility could lead to major fluctuations between $80,000 and $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 on weekends. The fear and greed index currently stands at 55. IMX Coin has suffered the most this week, plummeting by 18% following a lawsuit filed by the SEC.
Other cryptocurrencies like MEW, TAO, BEAM, HNT, WLD, TIA, NOT, WIF, BONK, and BRETT Coin have also seen double-digit losses. Ongoing SEC litigations suggest that institutional pressure on cryptocurrencies may persist post-elections. The appointment of a pro-crypto president by Trump could potentially alleviate this situation. SEC members Uyeda and Peirce have criticized the agency’s past decisions, with one of them possibly being a viable candidate.
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Disclaimer: The information provided in this article does not constitute financial advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own thorough research.
