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๐ค #Bitcoin has dropped as low as $61.5K this weekend, but has quickly rebounded back to $64.7K. Is #Bitcoin going to breach its March 14th #AllTimeHigh of $73.7K before the April 19th #halving?
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๐บ๐ธ๐ง The US will be revealing its next president in the coming days, and crypto markets are in a holding pattern. Our latest insight takes a deep look at crypto stances by both Trump and Harris, and how prices have fluctuated after previous elections. https://insights.santiment.net/read/crypto-markets-and-us-elections-why-the-full-picture-takes-time-8228?utm_source=twitter&utm_medium=post&utm_campaign=twitter_crypto_markets_and_us_elections_insight_b_110524/&fpr=twitter https://x.com/santimentfeed/status/1853673229719605588/photo/1
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๐ With the exception of Sui (+3.3% in 7 days) and a few minor gainers like Zeebu (+1.4%), crypto markets have corrected significantly since its price top last Tuesday (Oct. 29th). Except for any potential bounce to only begin once clarity on the US presidential election starts taking shape. Remember that any result is not about what actual economic impact these election results are likely to have... it will be on how the crowd perceives the likely impact (regardless of whether it's a pro-crypto outcome or not).
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๐ As traders wait for clarity in crypto markets, Bitcoin has been seeing a notable decline in the amount of non-empty wallets. 211.5K less addresses exist compared to 3 weeks ago, a strong sign of FUD that typically is associated with future bullish price performances. Meanwhile, @santimentfeed also picked up a drop of -11.6K USDC wallets in a single day this weekend, as stablecoin behavior fluctuates wildly. Also, keep an eye on Dogecoin wallets suddenly rising rapidly (+46.4K in one week). This is a sign of traders speculating and gambling on memecoins, even after last week's local top.
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๐บ๐ธ With US election results ready to being pouring in November 5th, crypto traders are gearing up for volatility and unpredictability. With Bitcoin hovering at $67.9K, there has been a large spike in mentions related to Donald Trump, particularly on X. https://x.com/santimentfeed/status/1853479882438873392/photo/1
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๐ณ With this week being headlined by the US announcing the results of a particularly polarizing election (to say the least), crypto traders are 'expecting the unexpected'. This is particularly true with Bitcoin's whales, which have been showing declining amounts of transfers since last week's sudden spike near the top. ๐ Look for these spikes in whale BTC transactions as generally reliable signs of potential price reversals for all of cryptocurrency. โณPassivity from whales does not necessitate that prices will go down, as this is a common misconception. Instead, it usually indicates they are awaiting the crowd's reaction to an event and awaiting the volatility that smaller traders create before they join the party.
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