Bitcoin Price Crash Below $70,000: What Does It Have To Do With Whales And The US Presidential Elections?

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Following a surge surpassing $72,000 earlier in the previous week, the Bitcoin price has unexpectedly plummeted below $70,000, just before the US Presidential elections. Some reports suggest that the actions of big investors (whales) and the impending outcome of the US Presidential election may have contributed to this downturn in price.

Bitcoin Price Crashes As Market Braces For US Election Results

It appears that the price of Bitcoin has suddenly dropped prior to an election, falling below the $70,000 threshold following a decline of more than 3.64% within a short period. This steep drop to around $68,000 is being referred to by some as the “major Bitcoin crash,” suggesting that the most substantial decrease in Bitcoin’s price history may be underway.

As a crypto investor, I’ve been closely monitoring the market trends, and I can’t help but notice the recent dip in Bitcoin prices. A market intelligence platform like Santiment has pointed out that the number of active wallets among investors has significantly decreased by approximately 211,540 addresses within the last three weeks. This substantial drop is a clear indicator of heightened Fear, Uncertainty, and Doubt (FUD) – feelings often associated with future bullish performance and a stressed market.

At present, there’s a sense of anticipation hanging over the cryptocurrency market, with investors – whether individual or institutional – keeping a close eye on the outcome of the U.S. Presidential elections. Even big-time Bitcoin investors, often referred to as “Whales,” have largely remained quiet, adopting a cautious stance as they monitor how the election results might influence market trends.

Santiment observes that Bitcoin’s major investors, or ‘whales,’ have been less active in transactions, indicating a shift in market attitude. According to the market insights, “Bitcoin whales are currently waiting for the outcome of the U.S. Presidential election, as their activity decreases from the surge seen last week near the peak of cryptocurrency.

Today marks the day when we’ll see the initial results of the U.S. elections, and many cryptocurrency traders and investors are gearing up for potential market fluctuations and uncertainties. On social media platform X (previously known as Twitter), there has been an increase in discussions about Presidential candidate Donald Trump, who has garnered considerable backing from various crypto enthusiasts.

How The US Presidential Elections Could Impact The BTC Price 

There’s a wide range of perspectives among cryptocurrency analysts about how the crypto market might evolve following the U.S. presidential elections. As both Kamala Harris and Donald Trump are running for President, there’s intense interest in tracking any shifts in the market by investors and crypto specialists alike.

As per crypto expert Crypto Rover’s analysis, when Donald Trump previously won the U.S. presidential election, Bitcoin saw an impressive increase of 2,714%. If history repeats itself and Trump secures another victory in the upcoming elections, leading to a similar surge in Bitcoin price, this pioneering cryptocurrency could potentially reach a staggering value of $2 million by 2025.

Furthermore, Santiment’s analysis shows that following the election in November 2016, the value of Bitcoin dropped by 5.5%, coinciding with Trump being declared President. On the other hand, in November 2020, the price of Bitcoin increased by a substantial 22.6% after Joe Biden was announced as President.

According to public opinion on X, it seems that a large portion of the cryptocurrency community is backing Trump as the next U.S. President. However, crypto analyst Adam Khoo points out that more than 50 million Americans have already cast their votes in the U.S. elections, with exit polls suggesting a substantial win for Harris.

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2024-11-05 16:16