The cryptocurrency market experienced a significant decline in prices as investors braced themselves for the US election and the Federal Reserve interest rate decision. Bitcoin fell to $67,900, while other cryptocurrencies such as Solana, Popcat, and Mantra also saw declines. This reversal comes after Bitcoin and other altcoins reached their peak prices. The market is experiencing a sense of fear and uncertainty due to the upcoming election, with traders unsure of the outcome. The fear and greed index for cryptocurrencies has fallen to a low of 50, indicating increased fear among investors. The market outlook suggests that regardless of the election outcome, these cryptocurrencies will eventually bounce back. The approval of spot Bitcoin ETFs earlier this year had a significant impact on the market, but its effects have diminished in recent months. The focus will soon shift to the Santa Claus rally, a phenomenon that occurs before Christmas and could lead to a recovery in cryptocurrency prices. Bitcoin has positive technical catalysts, including a bullish crossover in the 50-day and 200-day Weighted Moving Averages. Other altcoins like Solana, Mantra, and Popcat are also expected to bounce back after the election due to their correlation with the US dollar.
- Content Editor ( invezz.com )
- 2024-11-05
Here’s why Bitcoin, Solana, Popcat, and Mantra prices are diving