Bitcoin experienced a significant price drop of over 6.5%, falling to approximately $69,200 as of November 1. This decline follows a recent peak at $73,600, and is occurring concurrently with Donald Trump's narrowing lead over Kamala Harris in several prediction markets, such as PredictIt, Polymarket, and Kalshi.
The election-related uncertainty has intensified chatter in the crypto market about the possibility of Bitcoin dropping further to $65,000. This drop has made the market environment quite tense, leading to increased speculation and concern among investors and traders about Bitcoin's near-term performance.
The correlation between political events and Bitcoin's market dynamics is becoming apparent again, highlighting the ways in which external factors can influence the cryptocurrency markets, especially during periods of heightened political activity.
