CandleFocus November crypto markets: Macroeconomic factors could tank Bitcoin below $40K
2024-11-01
Author: Content Editor
Bitcoin's price fell as attention turned to the decline in Donald Trump's odds in the upcoming US presidential elections. Analysts predict that the November election outcomes could push Bitcoin over $100,000 or drop it to under $40,000. The increase in Democratic nominee Kamala Harris' odds reflects hedging positions among traders who have also bet on a Trump victory. Some market watchers attribute Friday's crypto market slump to Trump's slide on the betting platform Polymarket. Bitcoin is currently worth $69,490, experiencing a 3.9% decline in the last 24 hours. The broader crypto market also experienced a sell-off, with altcoins like Ethereum, Solana, Dogecoin, and Cardano correcting by 5-7% each. Bitcoin's price has been considered a "Trump hedge" due to his support for the crypto industry. Depending on the outcome of the election and other upcoming events, Bitcoin's price could fall to earlier lows.
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