Bitcoin Price Falls Below $70,000 Ahead of US Presidential Elections
After reaching over $72,000, the Bitcoin price has fallen below $70,000 ahead of the US Presidential elections. This decline is attributed to the influence of large investors and the impending election results.
Bitcoin Price Decline Pre-Election
The Bitcoin price has dropped by over 3.64% recently, now trading around $68,000, marking what some are calling the “biggest Bitcoin crash.” Market intelligence platform Santiment reports a reduction in non-empty wallets, with 211,540 fewer addresses since three weeks ago. This decrease indicates heightened Fear, Uncertainty, and Doubt (FUD), often linked to future market performance.
The crypto market remains cautious as both retail and institutional investors await US election results. Even Bitcoin “whales” have reduced transaction activity, indicating a wait-and-see approach regarding market dynamics influenced by election outcomes.
As election results start coming in, traders anticipate significant market volatility. Mentions of Presidential candidate Donald Trump have surged within the crypto community, highlighting his support among certain groups.
Impact of US Elections on BTC Price
Crypto analysts present mixed predictions for the market following the elections. With candidates like Kamala Harris and Trump competing, investor sentiment is keenly observed.
Analyst Crypto Rover notes that Bitcoin increased by 2,714% when Trump previously won the presidency. If this pattern holds, Bitcoin could reach $2 million by 2025 if Trump wins again.
Santiment also reported that Bitcoin declined by 5.5% after Trump’s victory in 2016 but surged by 22.6% following Joe Biden’s win in 2020. Current social sentiment shows considerable support for Trump within the crypto community, although exit polls suggest a potential landslide victory for Harris, with over 50 million votes already cast.
