Bitcoin Pulls Under $68K as Crypto Markets Falter Ahead of Election

Markets

"Markets hate uncertainty," goes an old Wall Street saw.

Just about 96 hours ago, the price of bitcoin {{BTC}} was within a few dollars of breaking through its all-time high above $73,700, perhaps helped along by a surge in momentum for crypto-friendly GOP presidential candidate Donald Trump.

At that time, Trump's victory chances on betting market Polymarket had risen to as high as 67% (with his opponent Kamala Harris' chances dropping to a corresponding 33%).

Since, though, Trump's odds have been falling, as has the price of bitcoin and cryptocurrencies in general. At one point overnight, the former president's victory chances declined to less than 53% (with Harris rising to above 47%). Alongside, bitcoin fell to as low as $67,600. At press time, during the U.S. morning hours Sunday, both Trump and bitcoin have come back a bit, with Trump sitting at 56% and bitcoin at $68,300, lower by more than 2% over the past 24 hours.

The broader CoinDesk 20 Index is down 2.3% over the same time frame, with Cardano {{ADA}} and Avalance {{AVAX}} notable underperformers, each off nearly 6%.

"It's crazy how correlated bitcoin price action is to Trump's election odds," wrote analyst Miles Deutscher on X.

Related news

Markets
Nov. 22, 2024

Bitcoin Nears $100K, With Crypto Market Cap at Record $3.4T

Bitcoin (BTC) is close to reaching $100,000, with prices hovering just over $99,000 after a recent spike. U.S. spot BTC ETFs have seen over $1 billion in net inflows, with BlackRock’s IBIT leading at $600 million. While there's strong demand a...
Markets
Nov. 22, 2024

XRP Price Surges 25% as Headwinds for Ripple Clear Even More

XRP zoomed as Gary Gensler’s announcement of stepping down in January as chairman of the U.S. Securities and Exchange Commission (SEC) kept a multiweek bullish trade going. XRP prices surged 25% in the past 24 hours, with most of the gains i...