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Bitcoin's price dropped as traders reduced their risk, reacting to former President Donald Trump's slipping odds in the upcoming U.S. presidential election.

After hitting $73,600—its second-highest price this year—Bitcoin has fallen more than 6.5% in the past three days, reaching around $69,200 on November 1. This includes a 4.65% decrease in the last 24 hours.

The price drop is linked to Trump's shrinking lead over Democratic candidate Vice President Kamala Harris on betting platforms like PredictIt, Polymarket, and Kalshi, where users bet on election results.

Bitcoin has been viewed as a "Trump hedge" due to Trump's strong support for the crypto industry, which has backed his campaign. Earlier this week, when Trump had a stronger lead, Bitcoin came close to its all-time high of $73,794 (from March), missing it by just $194.

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