Bitcoin’s price has fallen below the crucial threshold of $70,000, hitting a low of $69,590.50 around 8:55 PM UTC, before slightly rising to $70,217.52 at the time of this report. This decline comes on the heels of a decrease in Donald Trump’s chances of winning in the upcoming election.
Other major altcoins, including Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), and others, are experiencing losses, with declines between 2.5% and as much as 6%.
This trend is also evident in the overall global cryptocurrency market capitalization, which has decreased by 3.67% over the past 24 hours.
Bitcoin’s Price Falls After Donald Trump’s Election Victory Odds Drop
While various factors influence crypto markets, some analysts point to the decreasing chances of a crypto-supportive Republican Party candidate, Donald Trump, as one of the primary reasons for today’s market decline.
This slight downturn coincided with a near 3% decrease in Trump’s odds of winning the November 5 U.S. presidential election, while Kamala Harris’s odds increased by almost the same percentage.
Data from the betting platform Polymarket shows that Trump’s probability of victory fell to as low as 61% on Thursday before climbing back to 63.9% as of now. In contrast, the odds for Democratic candidate Kamala Harris have risen from 33% to 36.1%.
Read more: MAGA Token Goes Parabolic as Trump Polymarket Odds Rise
With less than four days until the election, the crypto community, especially, is keeping a close watch on the prediction market. They wish for a more crypto-friendly candidate to assume the presidency.
Nevertheless, the election results on November 5 will be vital for the market, as the winner might significantly influence the future of cryptocurrency in the United States.
Promises for Crypto Users
As the U.S. election on Polymarket indicates a slight decline in Donald Trump’s chances for victory on election day, he has recently used his social media handles on Truth Social and X to remind supporters of his commitments regarding digital assets.
He urged his followers to support him in the upcoming 2024 election, extending a “Happy 16th Anniversary” message to crypto enthusiasts for the creation of the Bitcoin whitepaper and reiterating that, if elected, he would ensure all Bitcoin (BTC) is created in the USA.
I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper. We will end Kamala’s war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne
— Donald J. Trump (@realDonaldTrump) October 31, 2024
Additionally, he restated his intent to end U.S. Vice President Kamala Harris’s “war on crypto,” even though the Democratic candidate has also promised to support the industry if she wins, albeit with less vocal support than her rival.
As the election date approaches, financial experts caution crypto traders that Bitcoin price fluctuations may intensify, and a potential decline could happen as the U.S. presidential election nears.
Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, recently pointed out that pre-election position liquidations might stress Bitcoin prices and lessen the chances of surpassing all-time highs in the near term.
However, it’s too soon to make Bitcoin price predictions following the fast-approaching November 5 presidential election. Nonetheless, if the candidate with the strongest backing from the crypto community wins, we might see a price surge across the crypto market, and the opposite could happen otherwise.
Read more: New Buyers Expected to Boost Bitcoin Price Post-Election, Says VanEck’s Matthew Sigel
