Market picture

The crypto market lost 1.7% of its cap in 24 hours to $2.24 trillion. The market is correcting as Trump's chances of winning national polls diminish ahead of the election. For now, it looks like a de-risking ahead of an important event where both major candidates have roughly equal chances of winning.

The price of bitcoin has fallen back below $68.5K and was bottomed out at levels $1K lower on Sunday. The pullback has not yet broken the overall bullish pattern that has been forming since September. We will be able to talk about the bears' clear superiority when the price breaks below $65K, which would be a failure below the local lows from the end of last month and the 50-day moving average.

The situation is gloomier for Ethereum, which has been losing for the fifth day in a row, falling back to $2450—the lowest of the last three weeks. It is below the 50-day moving average and generally near the lower end of its trading range since August.

News background

Inflows into spot bitcoin ETFs in the US were the highest since mid-March and the fourth highest since the funds' inception. According to data from SoSoValue, inflows into BTC ETFs totalled $2.22 billion last week, bringing total investment to $24.15 billion.

Bitcoin options traders prepared for a bullish scenario after the US presidential election and the Fed meeting by increasing open interest in November calls with strike prices above $80K. JPMorgan noted that a Trump victory in the election on 5 November may strengthen BTC's upward momentum.

Swiss company 21Shares has filed a Form S-1 with the US SEC to register an ETF based on XRP.

Tether, the issuer of the USDT stablecoin, reported a net profit of $2.5bn for the third quarter. Since the beginning of the year, the figure has reached $7.7 billion. According to Tether's statement, the financial results have been confirmed by the auditing firm BDO. The group's equity reached $14.7 billion, and consolidated assets reached an all-time high of $134.4 billion.

The state of Florida reported $800 million in cryptocurrency-related assets. It is not the first US state to invest in crypto assets. In May, the Wisconsin Investment Board announced the purchase of $163 million worth of spot bitcoin ETF shares.


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.

More Bitcoin News
Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.

More Litecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.

More Cryptocurrencies News
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP