Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Here is Why Bitcoin’s Price Dropped Today, According to an Analyst

Here is Why Bitcoin’s Price Dropped Today, According to an Analyst

CryptodnesCryptodnes2024/11/01 21:11
By:Cryptodnes

Bitcoin, the leading cryptocurrency, dipped below $69,000 in Asia today, marking a 4% decline from its recent one-month peak.

This drop coincides with a tightening race between Donald Trump and Kamala Harris in the betting markets, where users on platforms like PredictIt, Polymarket, and Kalshi wager on the outcome of the U.S. presidential election.

Sean Farrell, the head of digital asset strategy at Fundstrat Global Advisors LLC, discussed this trend with Bloomberg, attributing Bitcoin’s decrease to a shift in the likelihood of Trump’s election win as reflected in the betting odds. He remarked that the weakening bullish sentiment surrounding Bitcoin is closely linked to Trump’s diminishing prospects in these markets.

Farrell explained, “Bitcoin’s upward momentum appears to be faltering as the chances of pro-crypto candidate Donald Trump securing the presidency have lessened, leading investors to reassess their positions in Bitcoin.”

[readmoer id=”141029″]

Farrell cautioned that prediction markets can be susceptible to manipulation, indicating that Trump’s lead over Harris has decreased significantly, with Polymarket currently placing his odds of winning at 61.5%, compared to Harris’ 38.5%.

Additionally, Ed Yardeni from Yardeni Research offered his insights, suggesting that a potential Trump victory could lead to a “buy the rumor, sell the news” scenario for Bitcoin. He stated, “If Harris emerges victorious, Bitcoin is likely to drop, but the reaction to a Trump presidency remains uncertain. While Bitcoin may continue to rise, given its substantial gains this year, it could also experience a decline as part of this classic market behavior.”

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!