Crypto Today: Bitcoin, Ethereum declines, XRP eyes recovery as Kamala Harris' election odds improve
|- Bitcoin has declined over 7% after facing a rejection near its all-time high of $73,777, while BTC ETFs saw increased weekly inflows.
- Ethereum and XRP declined over the weekend, but the latter is looking to bounce back with a 3% rise in the past few hours.
- Whales could be manipulating Polymarket election odds in favor of Kamala Harris.
Bitcoin, Ethereum and XRP updates
- Bitcoin (BTC) is trading around $67,800 on Monday and has declined by over 7% since seeing a rejection close to its all-time high resistance of $73,777 on Tuesday. If the decline continues, Bitcoin could bounce off the support level near $66,400. Meanwhile, Bitcoin exchange-traded funds (ETFs) recorded $2.172 billion in net inflows last week — one of their best-performing weeks since launch, per Coinglass data.
- Ethereum is trading near $2,420, down 1% on the day, after breaking below the $2,500 psychological level over the weekend. The top altcoin could find support near the $2,310 level if the bearish pressure weakens. On the other hand, Ethereum ETFs posted $13 million in net inflows.
- Ripple's XRP has seen a 3% rise in the past few hours, trading around $0.5095 as it looks to offset minor losses seen during the weekend. Meanwhile, XRP could join BTC and ETH in having its own ETF if the Securities & Exchange Commission (SEC) approves asset managers' recent applications to launch a product for the cryptocurrency.
Market updates
- Tokenomist.Ai data shows that the crypto market will witness $46 million worth of cliff unlocks this week—a small part of the $2.24 billion total unlocks in November. Tokens including NEON, XAI, ADA, ENA, EIGEN, HFT and MAVIA will see a hike in their circulating supply between November 4 and 10.
- The State of Michigan Retirement System has added $11 million worth of Ethereum ETFs to its list of investment products, according to a SEC filing disclosed on Monday. The pension fund revealed that it retained its BTC holding in Ark Invest Trust but also added 460,000 shares of the Grayscale Ethereum Trust and 460,000 shares of the asset manager's Ethereum Mini Trust.
Industry updates
- Polymarket data revealed that the bets on Kamala Harris began to rise for the first time in over a week. This led several crypto community members to suggest the involvement of whales in manipulating Polymarket odds in favor of the Democratic candidate. However, Republican candidate Donald Trump continues to lead the polls by 54%, with the elections less than 24 hours away.
Want to know why Kamala Harris is trending up on Polymarket?
— BUNK (@wrongsns) October 31, 2024
Right now a bunch of no named accounts are generating activity, SELLING AT A LOSS!
Across multiple betting avenues they're manipulating the odds and creating downward pressure for Trump & GOP, and upward pressure… pic.twitter.com/DVpVyN2QgMWant to know why Kamala Harris is trending up on Polymarket?
— BUNK (@wrongsns) October 31, 2024
Right now a bunch of no named accounts are generating activity, SELLING AT A LOSS!
Across multiple betting avenues they're manipulating the odds and creating downward pressure for Trump & GOP, and upward pressure… pic.twitter.com/DVpVyN2QgM - TRON founder Justin Sun and Sonic Labs co-founder Andre Cronje criticized crypto exchange Coinbase co-founder Brian Armstrong after he stated that the platform does not take fees from projects looking to list their tokens. Sun and Cronje alleged that Coinbase charged millions of dollars to list tokens of their respective projects, in contrast to Binance, which didn't request any listing fee from them.
Chart of the day: IMX
IMX/USDT daily chart
IMX, the native token of the gaming-based Immutable X Layer 2 blockchain, has suffered a 22% decline since revealing it received a Wells Notice from the US SEC last Thursday. The token is currently the largest weekly loser among the top 100 cryptocurrencies by market capitalization.
IMX is testing the critical support level of a rectangle channel near $1.041. A daily candlestick close below this level could trigger further heavy losses for IMX.
The Relative Strength Index (RSI) momentum indicator is about to enter its oversold region, indicating heightened bearish pressure.
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