Bitcoin Price Crash Below $70,000: What Does It Have To Do With Whales And The US Presidential Elections?
05 Noviembre 2024 - 7:00AM
NEWSBTC
After skyrocketing above $72,000 earlier last week, the Bitcoin
price has experienced an unexpected crash below the $70,000 mark
ahead of the US Presidential elections. Reports have cited the
influence of whales and the upcoming results of the US Presidential
elections as catalysts to this price decline. Bitcoin Price Crashes
As Market Braces For US Election Results The Bitcoin price seems to
have experienced a pre-election crash. It is now trading below the
$70,000 mark after declining by over 3.64% in just a few days. Many
are labeling this sharp decline to the $68,000 level as the
“biggest Bitcoin crash,” signaling that the most significant
downturn in Bitcoin’s history has just started. Related
Reading: Dogecoin Whales Record Largest Accumulation Week Since
January With 2.10 Billion Tokens Bought Market intelligence
platform Santiment has noted the recent Bitcoin crash, highlighting
the decreasing number of non-empty wallets by investors. According
to the analytical platform, there have been 211,540 fewer addresses
than three weeks ago. This massive reduction is seen as a sign of
intense Fear, Uncertainty, and Doubt (FUD) typically associated
with future bullish performance and a strained market. Currently,
the crypto market is in suspense mode as investors, both retail and
institutional, await the results of the US Presidential elections.
Even large-scale Bitcoin investors, often called ”Whales,” have
been relatively mute, adopting a “Wait-And-See” attitude as they
closely watch how the results of the US election impact the
dynamics of the market. Santiment also notes that
Bitcoin whales have been reducing their transaction activity,
signaling a change in market sentiment. The market intelligence
stated that “Bitcoin whales are patiently awaiting the US
Presidential election results as their activity settles from last
week’s spike near crypto’s top. The outcome of the US
elections are expected to start pouring in today, and many crypto
traders and investors are already preparing for major market
volatility and unpredictability. On X (formerly Twitter), there has
also been a spike in mentions related to Presidential candidate
Donald Trump, who has gained significant support from various
crypto community members. How The US Presidential Elections
Could Impact The BTC Price Many crypto analysts hold varying
opinions and predictions regarding the future of the crypto market
after the US presidential elections. With major candidates, Kamala
Harris or Trump vying for Presidency, investors and crypto experts
are closely watching the market for changes. Related Reading:
Shiba Inu’s Shibarium Sees Daily Transactions Surge To 4.68
Million, Will This Push SHIB’s Price Toward $0.00008? According to
crypto analyst Crypto Rover, the last time former President Trump
won the US election, Bitcoin pumped 2,714%. The analyst has
suggested that if history repeats itself, that is, if Trump wins
the current Presidential elections and Bitcoin price experiences a
similar surge, then the pioneer cryptocurrency could be worth $2
million by 2025. Moreover, Santiment has revealed that in the
previous election in November 2016, Bitcoin crashed by 5.5% after
Trump was announced as President. In contrast, in November 2020,
the Bitcoin price surged by 22.6% after Joe Biden was announced as
President. Based on social sentiment on X, it appears many members
of the crypto community are supporting Trump as the next US
President. However, Adam Khoo, a crypto analyst, has noted that
over 50 million US citizens have already voted in the US elections,
with exit polls showing a significant landslide victory for
Harris. Featured image created with Dall.E, chart from
Tradingview.com
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