The main cryptocurrencies retraced this weekend the probability of Donald Trump victory in the presidential election fell sharply in prediction markets.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Bitcoin BTC/USD | -1.21% | $68,324.16 |
| Ethereum ETH/USD |
-1.93% | $2,438.68 |
| Dogecoin DOGE/USD | -4.17% | $0.1519 |
What happened: Bitcoin slipped to a low of $67,500 in the morning, a sharp reversal from its near-new highs last week. The leading cryptocurrency recovered to $68,000 by late evening.
The decline appears to be associated with Trump’s policies. in decline odds on prediction markets, including Polymarket, which gave him a 54% chance of winning, up from 66% on October 30.
Total cryptocurrency liquidations exceeded $362 million in the past 24 hours, with $264 million in leveraged long positions wiped out.
Bitcoin open interest increased by 1.45% in the last 24 hours. An increase in OI, accompanied by a decrease in price, indicates an increase in short selling.
Additionally, according to the Long/Short ratio, over 61% of all derivatives traders with open positions were short Bitcoin.
That said, market sentiment remained in the “Greed” category, according to the Cryptocurrency Fear and Greed Index.
Top winners (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Immutable (IMX) | +2.63% | $1.10 |
| Chain link (LINK) | +0.98% | $156.80 |
| Sui (SUI) | +0.56% | $1.92 |
The global cryptocurrency stood at $2.28 trillion, following a 1.05% contraction in the past 24 hours.
Stock futures slipped overnight Sunday. THE Dow Jones Industrial Average Futures fell 151 points, or 0.37%, as of 7:35 p.m. EDT. Futures contracts linked to S&P500 lost 0.19%, while Nasdaq 100 Futures Contracts were down 0.10%.
Investors are preparing for the high-stakes November 5 presidential election between Trump and Kamala Harris without a clear favorite on betting markets And national polls.
The other major event to watch is the Federal Reserve’s November 7 FOMC meeting, with traders anticipating a 25 basis point rate cut, according to to the CME FedWatch tool.
See more: Best Cryptocurrency Scanners
Analyst Notes: CrediBULL Cryptoa popular
Contrary to bearish market sentiment, widely followed cryptocurrency trader Nihilus thought Ethereum’s bull run would begin after the election.
“A lot of people think ETH will fall due to lower liquidity levels, but the market maker doesn’t think so. This time last year, no one was saying ETH would hit $2,000 , and now almost no one is saying that ETH is preparing for a bull season,” the trader remarked.
Photo by Igor Faun on Shutterstock
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