Crypto Market Stumbles: Bitcoin Dips Amid U.S. Election Jitters and Economic Woes

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01.11.2024 12 times read 0 Comments

Crypto Reverses Early Gains, Bitcoin Dives Back to $69K

The cryptocurrency market experienced a sudden downturn after an initial rally in the U.S. trading session on Friday. According to CoinDesk, Bitcoin's price surged as high as $71,400 before retreating back to $69,000, marking a 1.3% decrease over the past 24 hours. Other cryptocurrencies like Ether and Solana also saw declines of 0.3% and nearly 2%, respectively.

This pullback coincided with reports from the government indicating a slowdown in job creation for October—the weakest since late 2020—and manufacturing PMI hitting its lowest point in sixteen months at 46.5 versus expectations of 47.6 by economists.

Ripple (XRP) Price Forecast: XRP Sell-Orders Surge Amid US Elections

XRP has seen significant sell-off activity recently as traders shift their focus towards Bitcoin ahead of the upcoming U.S. elections scheduled for November 5th. FX Empire reported that XRP's taker-sell volume increased dramatically from $62.9 million on October 27th to $158.5 million by month-end—a staggering rise of about 145%. This surge indicates growing bearish sentiment among investors who are opting out due to ongoing legal uncertainties surrounding Ripple’s case with the SEC.

Despite this trend, analysts suggest that if XRP can maintain support around the crucial $0.50 level amidst these pressures leading up to election week—there might still be room left open yet again once dust settles post-election results announcement next Tuesday night!

U.S Election Uncertainty Sends Crypto Markets Tumbling

The looming uncertainty regarding outcomes related directly to the current political climate within the United States continues to exert pressure upon broader financial markets, including digital assets like BTC and ETH alike! Brave New Coin Insights highlights how recent fluctuations have largely been attributed to the decreasing odds favorability of GOP candidate Donald Trump, whose policies historically leaned towards a more supportive stance toward cryptos overall compared to Democratic rival Kamala Harris, now gaining ground according to Polymarket betting data showing shifts in the percentages of respective chances of winning the presidency come November fifth. As ballot count day itself fast approaches, opinions differ widely across the spectrum of viewpoints held by various stakeholders involved in the process unfolding presently.

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