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

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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.

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Article Details

Author / Journalist: Jake Simmons

Category: Crypto

Markets: United KingdomAustriaUnited States

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

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-01 @ 14:00:04 (15 hours 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

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