$🟦Election uncertainty. There are still 2 weeks until the US elections. Previously, optimism about Trump's possible victory and Harris' positive remarks had pushed cryptocurrencies higher. Now that the race is over, many investors are turning away from risky assets.
🟦Fed rates. The Fed is expected to take longer to cut interest rates than previously expected. The forecast strengthened the US dollar and pushed up Treasury yields, making cryptocurrencies less attractive.
🟦Gold as a safe haven. With the pressure on cryptocurrencies, gold is attracting the attention of investors. Its price reached a record high of $2,725.81 and its market value is approaching $18.38 trillion.$BTC