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Bitcoin’s price saw continued losses on Friday, as the cryptocurrency market pulled back for the third day straight. The decline comes amid heightened volatility as Donald Trump’s odds in the U.S. presidential race faced slight dips, which some investors fear may add regulatory uncertainty, especially if Democratic candidate Kamala Harris gains further momentum.
Key Market Movements
- Bitcoin (BTC): After recently touching its second-highest price of the year at $73,600, Bitcoin fell over 6.5% in the last three days, sinking below $69,000. It dropped 5% over the past 24 hours.
- Ethereum (ETH): Following Bitcoin’s trend, Ethereum declined 4.59%, now trading at $2,521.48.
- Altcoins:
- Solana (SOL) slipped 4% to $168.03
- Cardano (ADA) dropped 3.01% to $0.3465
- Polygon (MATIC) fell 1.81% to $0.3189
- Dogecoin (DOGE) took a steep 15.13% dive to $0.0416
- XRP was a notable exception, posting a modest gain of 0.35%, making it one of the few tokens to resist the broader downturn.
Election Dynamics and Market Sentiment
Investors seem to be watching U.S. election dynamics closely, with platforms like PredictIt, Polymarket, and Kalshi showing a narrowing gap between Trump and Harris. Although Trump remains the front-runner with a 61% probability, Harris’ chances have increased to 39% from 33%, creating speculation around potential regulatory changes should her odds continue to rise.
Sentiment Indicators and Profit-Taking
The popular Fear and Greed Index hit an “extreme greed” level on Thursday, indicating market exuberance often seen at peaks. Coupled with profit-taking ahead of the weekend, the broad pullback has erased over $250 million in long positions, including $88 million from Bitcoin futures, $44 million from Ether, and approximately $15 million each from Solana and Dogecoin, according to CoinGlass.
This cautious market sentiment and profit-taking reflect traders’ concerns, as the increased volatility around U.S. election outcomes has sparked more conservative positions. If regulatory uncertainty continues to weigh on sentiment, further pullbacks in the crypto market may be likely.
