Bitcoin Crashes Below $70K As Presidential Elections Approach

Bitcoin (BTC) saw its price rebound recently which brought it to $71,500 yesterday, but bears stepped in and pushed it down by about $2,000 to its current price of around $68,000. Most altcoins are also showing little movement today, which is somewhat anticipated, except for ADA, which has emerged as the standout performer.

BTC Peaks At $71.5K
The week started positively for Bitcoin, which rose above $70,000 on Tuesday, reaching a multi-month high of $73,600. This was just $150 shy of its March all-time high of $73,740. However, it could not surpass this level, and as expectations built, it gradually declined. A significant drop occurred Friday morning when it fell below $69,000, losing $3,000 in just a few hours.

The bulls rallied later in the day, driving Bitcoin back up to $71,500 following a disappointing U.S. jobs report for October. However, it struggled again at that level and now sits about $2,000 lower. Currently, the market capitalization for Bitcoin has fallen back to $1.375 trillion, while its dominance over altcoins remains strong at over 56%.

ADA Stands Out
Today, most major altcoins have remained stable, showing only minor fluctuations. ETH, BNB, SOL, XRP, TRX, AVAX, and LINK have all experienced slight declines of around 1-2%, while DOGE, SHIB, and TON have recorded similar gains.

As previously mentioned, ADA is the only major altcoin making significant gains, rising by 6% to trade above $0.35. Other notable gainers include RAY (14%), XMR (5%), and MEW (5%). Overall, the total cryptocurrency market cap has stayed relatively steady, just under $2.450 trillion.

Other Markets

Global markets are seeing significant fluctuations as investors respond to uncertainties following both the Japanese elections and the upcoming U.S elections. However, Wall Street is experiencing a rebound driven by dip-buying activity. Federal Reserve Chair Jerome Powell is at a crucial juncture, with the upcoming Jackson Hole symposium in focus. The Fed and other central banks plan to implement rate cuts after either Kamala Harris or Donald Trump become President.

In Europe, German banks are reducing their exposure to U.S. office loans, which have contributed to recent bond market turmoil. Concerns are mounting on Wall Street as the market braces for potential negative news. In the United Kingdom, Thames Water is preparing for its results and a regulatory report, while reports indicate that KKR is interested in acquiring a stake in the company.

In the tech sector, the Microsoft Experience Center awaits earnings announcements, but tech earnings have so far failed to meet high expectations. As the Farnborough International Airshow opens, Boeing bankers are expected to earn up to $300 million in capital raise fees.

Finally, Nvidia is set to replace Intel in the Dow Jones Industrial Average, and the London Stock Exchange is celebrating the 40th anniversary of the FTSE 100. Meanwhile, a significant reshuffle is on the horizon for $7 trillion in funds due to changes in the Russell Index, highlighting the dynamic nature of contemporary financial markets.