Welcome to Extreme Investor Network, where we provide you with the latest updates and insights on the stock market, trading, and all things Wall Street. Today, we take a look at the recent movements in the cryptocurrency market, particularly focusing on Bitcoin (BTC) as the US Presidential Election Day looms.
BTC Dips Below $69,000 as US Presidential Election Day Looms
Despite impressive US BTC-spot ETF inflows, BTC has been on a downward trend, tipping the supply-demand balance in its favor. The US BTC-spot ETF market saw total net inflows of $2,220.2 million in the week ending November 1, extending its inflow streak to four weeks.
However, this streak came to an end on Friday as uncertainty surrounding the US Presidential Election dampened BTC demand. The latest polls showing a close race between Kamala Harris and Donald Trump have added to the uncertainty, with Trump’s odds of winning falling from 66.9% to 54.8%.
As the markets remain focused on the election, both the polls and betting odds are likely to continue influencing BTC demand. Keep a close eye on the US BTC-spot ETF market flow trends as well.
Bitcoin (BTC) Price Action
On Sunday, BTC saw a decline of 0.97%, closing at $68,908. The looming election has the potential to drive BTC towards its all-time high of $73,808 if there is increasing support for a Trump win. Conversely, a Harris win could see BTC dropping below $65,000.
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