Just days ago, Bitcoin soared to a new high of $73,500, seemingly unstoppable. But a swift change in fortune has seen it plummet by nearly $4,000.
While the exact reasons for this dramatic shift remain unclear, many eyes are turning to the US presidential election. Donald Trump, once a vocal critic of cryptocurrencies, has recently become a fervent supporter, promising pro-Bitcoin policies. However, his odds of winning the election have dwindled significantly in recent days.
As history has shown, US elections can have a profound impact on cryptocurrency markets. The increased volatility surrounding this year’s election, coupled with the uncertainty surrounding Trump’s potential impact on Bitcoin, could explain the recent price dip.
Traders should brace themselves for further market fluctuations as the election results unfold.