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Bitcoin Bitcoin (BTC) $119,214.28 ↑ 1.00%
Ethereum Ethereum (ETH) $3,857.03 ↑ 3.60%
XRP XRP (XRP) $3.21 ↑ 1.33%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.02%
BNB BNB (BNB) $825.50 ↑ 5.81%
Solana Solana (SOL) $188.54 ↑ 1.65%
USDC USDC (USDC) $1.00 ↓ -0.01%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 2.22%
TRON TRON (TRX) $0.32 ↑ 0.09%
Cardano Cardano (ADA) $0.83 ↑ 0.43%
Sui Sui (SUI) $4.32 ↑ 2.66%
Hyperliquid Hyperliquid (HYPE) $44.10 ↑ 0.79%
Stellar Stellar (XLM) $0.44 ↑ 1.59%
Chainlink Chainlink (LINK) $19.06 ↑ 4.32%
Hedera Hedera (HBAR) $0.29 ↑ 3.22%
Bitcoin Cash Bitcoin Cash (BCH) $602.57 ↑ 7.94%
Avalanche Avalanche (AVAX) $25.48 ↑ 3.21%
Litecoin Litecoin (LTC) $114.64 ↑ 0.25%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 1.15%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↑ 0.00%
Toncoin Toncoin (TON) $3.36 ↑ 1.51%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.01%
Uniswap Uniswap (UNI) $10.83 ↑ 3.96%
Polkadot Polkadot (DOT) $4.20 ↑ 2.26%
Monero Monero (XMR) $321.89 ↑ 0.61%
Bitget Token Bitget Token (BGB) $4.62 ↑ 1.78%
Pepe Pepe (PEPE) $0.00 ↑ 2.23%
Dai Dai (DAI) $1.00 ↑ 0.00%
Aave Aave (AAVE) $299.95 ↑ 2.01%
Cronos Cronos (CRO) $0.14 ↓ -0.41%
Ethena Ethena (ENA) $0.68 ↑ 17.38%
Bittensor Bittensor (TAO) $432.31 ↑ 0.86%
NEAR Protocol NEAR Protocol (NEAR) $2.93 ↑ 2.21%
Ethereum Classic Ethereum Classic (ETC) $23.14 ↑ 1.74%
Pi Pi (PI) $0.44 ↑ 0.31%
Ondo Ondo (ONDO) $1.05 ↑ 0.59%
Aptos Aptos (APT) $4.88 ↑ 1.73%
Internet Computer Internet Computer (ICP) $5.77 ↑ 2.18%
OKB OKB (OKB) $48.48 ↑ 0.72%
Kaspa Kaspa (KAS) $0.11 ↑ 7.85%
Bonk Bonk (BONK) $0.00 ↑ 1.85%
Mantle Mantle (MNT) $0.82 ↑ 4.82%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 4.03%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 2.15%
Algorand Algorand (ALGO) $0.28 ↑ 4.10%
Arbitrum Arbitrum (ARB) $0.46 ↑ 1.84%
VeChain VeChain (VET) $0.03 ↑ 1.66%
Render Render (RENDER) $4.32 ↑ 2.67%
GateToken GateToken (GT) $17.99 ↑ 1.60%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ 0.00%
Worldcoin Worldcoin (WLD) $1.21 ↑ 4.07%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.34 ↑ 1.64%
Sky Sky (SKY) $0.10 ↑ 2.47%
Sei Sei (SEI) $0.35 ↑ 0.14%
SPX6900 SPX6900 (SPX) $2.10 ↑ 7.00%
Cosmos Cosmos (ATOM) $4.83 ↑ 2.18%
Filecoin Filecoin (FIL) $2.73 ↑ 3.17%
Jupiter Jupiter (JUP) $0.60 ↑ 7.80%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.74 ↑ 1.02%
Flare Flare (FLR) $0.03 ↑ 4.35%
Story Story (IP) $5.41 ↓ -1.86%
Quant Quant (QNT) $127.92 ↑ 5.78%
Injective Injective (INJ) $15.33 ↑ 6.21%
KuCoin Token KuCoin Token (KCS) $11.56 ↓ -0.07%
Celestia Celestia (TIA) $2.02 ↑ 4.34%
XDC Network XDC Network (XDC) $0.09 ↑ 0.41%
Curve DAO Token Curve DAO Token (CRV) $1.06 ↑ 1.73%
First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.01%
Fartcoin Fartcoin (FARTCOIN) $1.37 ↑ 2.78%
Stacks Stacks (STX) $0.85 ↑ 4.68%
Four Four (FORM) $3.51 ↑ 3.39%
Optimism Optimism (OP) $0.73 ↑ 2.03%
FLOKI FLOKI (FLOKI) $0.00 ↑ 2.65%
Ethereum Name Service Ethereum Name Service (ENS) $31.07 ↑ 3.97%
Immutable Immutable (IMX) $0.60 ↑ 5.39%
dogwifhat dogwifhat (WIF) $1.12 ↑ 4.98%
The Graph The Graph (GRT) $0.11 ↑ 4.54%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.59 ↑ 1.31%
PancakeSwap PancakeSwap (CAKE) $3.01 ↑ 8.91%
Kaia Kaia (KAIA) $0.17 ↑ 2.32%
Lido DAO Lido DAO (LDO) $1.13 ↑ 5.34%
Sonic Sonic (S) $0.34 ↑ 0.84%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -4.70%
Conflux Conflux (CFX) $0.19 ↑ 2.03%
Tezos Tezos (XTZ) $0.90 ↑ 0.54%
PAX Gold PAX Gold (PAXG) $3,353.15 ↓ -0.02%
Theta Network Theta Network (THETA) $0.92 ↑ 4.50%
Vaulta Vaulta (A) $0.58 ↑ 2.09%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.02%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 2.30%
IOTA IOTA (IOTA) $0.22 ↑ 3.76%
Nexo Nexo (NEXO) $1.32 ↑ 1.77%
Raydium Raydium (RAY) $3.14 ↑ 2.96%
Tether Gold Tether Gold (XAUt) $3,344.77 ↓ -0.02%
Gala Gala (GALA) $0.02 ↑ 2.79%
The Sandbox The Sandbox (SAND) $0.32 ↑ 3.30%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 5.28%
Aerodrome Finance Aerodrome Finance (AERO) $0.91 ↑ 1.40%
Pendle Pendle (PENDLE) $4.44 ↑ 1.09%
Jito Jito (JTO) $2.02 ↑ 2.62%
Bitcoin Bitcoin (BTC) $119,214.28 ↑ 1.00%
Ethereum Ethereum (ETH) $3,857.03 ↑ 3.60%
XRP XRP (XRP) $3.21 ↑ 1.33%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.02%
BNB BNB (BNB) $825.50 ↑ 5.81%
Solana Solana (SOL) $188.54 ↑ 1.65%
USDC USDC (USDC) $1.00 ↓ -0.01%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 2.22%
TRON TRON (TRX) $0.32 ↑ 0.09%
Cardano Cardano (ADA) $0.83 ↑ 0.43%
Sui Sui (SUI) $4.32 ↑ 2.66%
Hyperliquid Hyperliquid (HYPE) $44.10 ↑ 0.79%
Stellar Stellar (XLM) $0.44 ↑ 1.59%
Chainlink Chainlink (LINK) $19.06 ↑ 4.32%
Hedera Hedera (HBAR) $0.29 ↑ 3.22%
Bitcoin Cash Bitcoin Cash (BCH) $602.57 ↑ 7.94%
Avalanche Avalanche (AVAX) $25.48 ↑ 3.21%
Litecoin Litecoin (LTC) $114.64 ↑ 0.25%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 1.15%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↑ 0.00%
Toncoin Toncoin (TON) $3.36 ↑ 1.51%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.01%
Uniswap Uniswap (UNI) $10.83 ↑ 3.96%
Polkadot Polkadot (DOT) $4.20 ↑ 2.26%
Monero Monero (XMR) $321.89 ↑ 0.61%
Bitget Token Bitget Token (BGB) $4.62 ↑ 1.78%
Pepe Pepe (PEPE) $0.00 ↑ 2.23%
Dai Dai (DAI) $1.00 ↑ 0.00%
Aave Aave (AAVE) $299.95 ↑ 2.01%
Cronos Cronos (CRO) $0.14 ↓ -0.41%
Ethena Ethena (ENA) $0.68 ↑ 17.38%
Bittensor Bittensor (TAO) $432.31 ↑ 0.86%
NEAR Protocol NEAR Protocol (NEAR) $2.93 ↑ 2.21%
Ethereum Classic Ethereum Classic (ETC) $23.14 ↑ 1.74%
Pi Pi (PI) $0.44 ↑ 0.31%
Ondo Ondo (ONDO) $1.05 ↑ 0.59%
Aptos Aptos (APT) $4.88 ↑ 1.73%
Internet Computer Internet Computer (ICP) $5.77 ↑ 2.18%
OKB OKB (OKB) $48.48 ↑ 0.72%
Kaspa Kaspa (KAS) $0.11 ↑ 7.85%
Bonk Bonk (BONK) $0.00 ↑ 1.85%
Mantle Mantle (MNT) $0.82 ↑ 4.82%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 4.03%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 2.15%
Algorand Algorand (ALGO) $0.28 ↑ 4.10%
Arbitrum Arbitrum (ARB) $0.46 ↑ 1.84%
VeChain VeChain (VET) $0.03 ↑ 1.66%
Render Render (RENDER) $4.32 ↑ 2.67%
GateToken GateToken (GT) $17.99 ↑ 1.60%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ 0.00%
Worldcoin Worldcoin (WLD) $1.21 ↑ 4.07%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.34 ↑ 1.64%
Sky Sky (SKY) $0.10 ↑ 2.47%
Sei Sei (SEI) $0.35 ↑ 0.14%
SPX6900 SPX6900 (SPX) $2.10 ↑ 7.00%
Cosmos Cosmos (ATOM) $4.83 ↑ 2.18%
Filecoin Filecoin (FIL) $2.73 ↑ 3.17%
Jupiter Jupiter (JUP) $0.60 ↑ 7.80%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.74 ↑ 1.02%
Flare Flare (FLR) $0.03 ↑ 4.35%
Story Story (IP) $5.41 ↓ -1.86%
Quant Quant (QNT) $127.92 ↑ 5.78%
Injective Injective (INJ) $15.33 ↑ 6.21%
KuCoin Token KuCoin Token (KCS) $11.56 ↓ -0.07%
Celestia Celestia (TIA) $2.02 ↑ 4.34%
XDC Network XDC Network (XDC) $0.09 ↑ 0.41%
Curve DAO Token Curve DAO Token (CRV) $1.06 ↑ 1.73%
First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.01%
Fartcoin Fartcoin (FARTCOIN) $1.37 ↑ 2.78%
Stacks Stacks (STX) $0.85 ↑ 4.68%
Four Four (FORM) $3.51 ↑ 3.39%
Optimism Optimism (OP) $0.73 ↑ 2.03%
FLOKI FLOKI (FLOKI) $0.00 ↑ 2.65%
Ethereum Name Service Ethereum Name Service (ENS) $31.07 ↑ 3.97%
Immutable Immutable (IMX) $0.60 ↑ 5.39%
dogwifhat dogwifhat (WIF) $1.12 ↑ 4.98%
The Graph The Graph (GRT) $0.11 ↑ 4.54%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.59 ↑ 1.31%
PancakeSwap PancakeSwap (CAKE) $3.01 ↑ 8.91%
Kaia Kaia (KAIA) $0.17 ↑ 2.32%
Lido DAO Lido DAO (LDO) $1.13 ↑ 5.34%
Sonic Sonic (S) $0.34 ↑ 0.84%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -4.70%
Conflux Conflux (CFX) $0.19 ↑ 2.03%
Tezos Tezos (XTZ) $0.90 ↑ 0.54%
PAX Gold PAX Gold (PAXG) $3,353.15 ↓ -0.02%
Theta Network Theta Network (THETA) $0.92 ↑ 4.50%
Vaulta Vaulta (A) $0.58 ↑ 2.09%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.02%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 2.30%
IOTA IOTA (IOTA) $0.22 ↑ 3.76%
Nexo Nexo (NEXO) $1.32 ↑ 1.77%
Raydium Raydium (RAY) $3.14 ↑ 2.96%
Tether Gold Tether Gold (XAUt) $3,344.77 ↓ -0.02%
Gala Gala (GALA) $0.02 ↑ 2.79%
The Sandbox The Sandbox (SAND) $0.32 ↑ 3.30%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 5.28%
Aerodrome Finance Aerodrome Finance (AERO) $0.91 ↑ 1.40%
Pendle Pendle (PENDLE) $4.44 ↑ 1.09%
Jito Jito (JTO) $2.02 ↑ 2.62%
Home Cryptocurrency

Bitcoin Drops Below $68,000: Powerful Political Shifts Spark Market Volatility

Gayatri Ailyaani by Gayatri Ailyaani
4 November 2024
in Cryptocurrency, News
Reading Time: 3 mins read
0
btc bitcoin

Bitcoin Drops Below $68,000: Powerful Political Shifts Spark Market Volatility

With the impending U.S. presidential elections, Bitcoin prices have been responding more to systematic political shifts, especially the odds of elections in favour of Donald Trump. Not long ago, Bitcoin’s performance improved considerably, coming close to an all-time high, followed by a sharp decline.

WhatsApp Image 2024 11 04 at 08.16.30

Table of Contents

Toggle
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    • Speculation Is High for These 5 Top Meme Coins – Is the Best Upcoming Crypto in 2025 on This Lineup?
    • Momentum Builds: 3 Top Cryptos in July 2025 Every Investor Should Have on Their Radar
  • Prediction Markets Signal Changing Odds for Trump
  • Investor Caution and Market Liquidations Rise
  • The Political Connection in Bitcoin’s Price Fluctuations

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On November 3, Bitcoin price fell back below the $68,000 threshold after reaching almost $73,000 earlier that week, marking a value correction of greater than 3%. This correction, however, appears to have been caused by changes in the perceptions towards Trump’s returning to power.

btc bitcoin

Prediction Markets Signal Changing Odds for Trump

Over the last week, trend setting bets have moved on prediction markets, Polymarket and Kalshi focusing on Trump’s chances. Early in November, his odds plummeted to 54%, further down from the 67% records just a few days earlier. Trump has presented himself as a pro-crypto supporter and has guaranteed that the United States will become a centre of the crypto world with the support of proper regulations for digital currencies.

Consequently, any alteration in his political fortunes seems to be having an impact on investor sentiment in the digital asset space. With Trump’s predictions worsening, the apparent caution of the investors seemed to increase – resulting in higher levels of market liquidations, of which more than $315 million worth of crypto positions were liquidated in one day alone. Most of such liquidations were long positions, highlighting the extent of bearish sentiment in traders as the elections draw closer.

Investor Caution and Market Liquidations Rise

biitc-bitcoin

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This apparent correlation between the likelihood of Trump’s election and the performance of Bitcoin has been the subject of some specialists’ comments. Sean Farrell from Fundstrat Global Advisors has noted that the recent decline of Bitcoin has coincided with what he referred to as Trump’s “stalling momentum” in the polls. He further hinted that, probably due to ongoing political uncertainties, the more prudent approach may have been taken by many investors by profit-taking or re-allocating their portfolios in order to avoid the effects of higher expected levels of volatility.

Dr. Emily Carter, who works as a blockchain analyst, advised that such patterns should not be taken literally. The idea that political developments affect the price of cryptocurrencies is often the case, she remarked, “but due to Bitcoin’s inherent instability, it is not practical to fix political outcomes to price changes. Instead, she emphasized the importance of external economic conditions and market psychology in explaining how the market operates.”

The Political Connection in Bitcoin’s Price Fluctuations

These developments show the strategic risk management to investors in cryptocurrency, especially in recent times. Due to the volatility caused by the elections, experts advise the use of approaches such as dollar cost averaging and hedging that help to share risks and reduce losses during such periods. It is also very important to monitor factors such as politics and the markets since these are likely to affect the price of Bitcoin.

To conclude, the recent drop observed in Bitcoin’s value following a decrease in the election odds of Donald Trump accentuates the political connections of cryptocurrency. As the election date of November 5 draws closer, it is anticipated that more fluctuations and therefore will characterize investor behaviour, and one should be ready to cope with such volatility. Because the confidence of investors in digital assets is affected by the regulatory regime and political developments, there is a need to appreciate these factors in formulating investment approaches in the fast-changing market.

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Tags: Bitcoin (BTC)Donal TrumpUS Elections 2024
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