Bitcoin is trading at $69,000 ahead of the US elections
As the US prepares to elect its 47th president on November 5, volatility has noticeably increased in the investment markets, including stocks and crypto. Bitcoin posted a small gain of less than one percent on both national and international exchanges on Monday, November 4. At the time of writing, BTC was trading at $69,050 (approximately Rs. 58 lakh) on foreign exchanges, according to CoinMarketCap. On Indian exchanges such as CoinSwitch and Giottus, the asset is now priced at $70,168 (approximately Rs. 59 lakh).
“As the world awaits the outcome of the US presidential election, it is worth noting that the number of monthly transactions on the Bitcoin network has already reached its all-time high in October, surpassing the 20 million mark. Even though Bitcoin is so close to its all-time high and has surpassed 60 percent dominance in the market (the first time in almost four years),” the CoinSwitch market desk told Gadgets360 in commentary on the markets.
Ether reflected a 0.28 percent price decline in the past 24 hours. On foreign exchanges, ETH is trading at $2,465 (approximately Rs. 2.07 lakh) according to CoinMarketCap. On Indian exchanges, ETH costs $2,756 (approximately Rs. 2.31 lakh).
Currently, Tether, Binance Coin and Solana recorded price drops alongside Dogecoin, Cardano, Shiba Inu and Avalanche.
Other cryptocurrencies that posted losses on Monday include Chainlink, Bitcoin Cash, Polkadot, Leo, Litecoin, Near Protocol and Uniswap – according to Gadgets360 crypto price tracker.
The overall valuation of the crypto sector has fallen by two percent in the past 24 hours. Currently, the market capitalization of the digital assets sector is approximately $2.25 trillion (approximately Rs. 1,89,18,641 crore). CoinMarketCap.
USD Coin, Ripple, Tron, Monero and Stellar managed to hold on to small gains on Monday.
Ardor, Braintrust, Elrond and Circuits of Value also posted small gains.
“While technical charts indicate momentum is increasing, investor reaction to the election outcome is expected to be the main driver of rice action,” Edul Patel, CEO of Mudrex, told Gadgets360.
In the coming days, crypto insiders are anticipating market swings due to the US election results and an upcoming Federal Reserve policy meeting later this week.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
