According to BlockBeats, on October 17, top trader Eugene posted on his social platform to update his market views, saying, "The recent sharp rise in Bitcoin is unexpected. The initial expectation was that BTC would be between 60-65k, and the deviation was the right time to go long/short. Given the current high volume of BTC open contracts, I am very worried about how sensitive the downside is, especially so close to the election.
Additionally, altcoins have shown some weakness after a very nice rally, but this weakness is just context compared to BTC. I expect to see more dispersion in the market as the market waits for the election results. I think TOTAL3 (the combined market cap of all cryptocurrencies other than Bitcoin and Ethereum) is significantly more sensitive to the election results than BTC.
Take some steps to prevent the further chaos I expect will occur over the next two weeks as people finalize their positions before November 5th and try to PvP each other one last time before the results come in.
