Bitcoin price falls to $67,161.7 as election uncertainty and potential rate cuts loom

From Investing.com

October 23, 2024 01:50:36 AM:

Bitcoin’s price dropped 0.5% to $67,161.7 amid uncertainty over the U.S. election and anticipation of smaller interest rate cuts by the Federal Reserve. Global stock market declines and the upcoming expiry of $4 billion in Bitcoin options suggest increased crypto market volatility.

Polls show Trump gaining on Harris in the 2024 election, contributing to Bitcoin’s decline. Both candidates have made promises for crypto regulation, but uncertainty over the election outcome is affecting market sentiment.

Rising dollar strength due to expected slower interest rate cuts by the Federal Reserve is pressuring crypto markets. Traders are anticipating a smaller rate cut in November, leading to higher Treasury yields and dampened demand for risk-driven assets like crypto.

Altcoin prices dipped alongside Bitcoin on Wednesday, with Ethereum falling 1.4% to $2,610.01. Increased volatility is expected with the expiry of $1 billion in Ether options. Other major altcoins like Cardano, Solana, and Polkadot also experienced declines. Meme token Shiba Inu slid 4.7%.

Read more at Investing.com: close to breaking below $67k as election jitters mount By Investing.com