Bitcoin Price Slides Below $70,000: These Are The Key Reasons

Quick Summary:

They added, It appears that markets are de-risking ahead of the election next week.Brace for volatility.” Related Reading: BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows Crypto trader Marco Johanning highlighted concerns about the S&P 500 losing its three-month trendline.

Analysts point to several key factors behind this decline: #1 Risk-Off Sentiment Ahead of US Election The timing of Bitcoin’s price drop coincides with a narrowing lead for former President Donald Trump over Democratic candidate Vice President Kamala Harris in prediction markets such as Polymarket and Kalshi, where users bet on election outcomes.

Not a bad DCA day for certain coins tho.” Austin Reid, Global Head of Revenue & Business at crypto prime brokerage firm FalconX, pointed out that the crypto derivatives market was “on fire” ahead of the election, with futures open interest for BTC, ETH, and SOL crossing the $50 billion mark for the first time.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Jake Simmons

Category: Crypto

Markets: United KingdomAustriaUnited States

Topics: Btc price Bitcoin Bitcoin news Why Is Bitcoin Down Today Bitcoin price BTC news Why Is Bitcoin Price Down Today Btc Bitcoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-01 @ 14:00:04 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 655 words

Reading Time: 4 minutes read

Sentences: 78 lines

Sentence Length: 9 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 23365331

View Article Analysis

About NewsBTC

Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 11 posts per day

Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 8 hours ago

Coverage Areas: United Kingdom

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #102

Publisher Details

Frequently Asked Questions