Investing.com – The price posted further losses on Friday as the cryptocurrency market retreated for a third straight day and attention focused on Donald Trump’s dwindling chances in the US presidential election.
The broad sell-off extended beyond the original cryptocurrency, with the price of Ether and other altcoins plummeting while the overall market capitalization dropped 5.5%.
After hitting its second highest price this year at $73,600, Bitcoin has fallen more than 6.5% in the past three days, settling below $69,000 yesterday, with a decline of 5% in the past 24 hours. followed suit, falling 4.59% to $2,521.48 as overall market sentiment turned bearish.
Other altcoins have also been hit. down 4.00%, currently trading at $168.03 and down 3.01% to $0.3465. saw a decline of 1.81% to $0.3189. Even , known for its resilient community, couldn’t escape the decline and fell 15.13% to $0.0416.
Interestingly, we saw a slight escalate of 0.35%, marking one of the few brilliant spots in an otherwise gloomy market.
The crypto crisis appears to be a consequence of the narrowing gap between Trump and Democratic candidate Vice President Kamala Harris on forecasting platforms such as PredictIt, Polymarket and Kalshi, where people are betting on the election results.
Harris’s chances have risen to nearly 39% from 33%, while Trump’s chances have dropped but remain high at 61%, keeping him as the front-runner. Trump’s victory is expected to be a boost for Bitcoin, while Harris’ victory could bring some regulatory uncertainty.
Bitcoin’s decline was also driven by a wave of profit-taking ahead of the weekend, which triggered a broader market pullback that resulted in the loss of more than $250 million in long positions. Meanwhile, the popular Fear and Greed Index – a tool for tracking market sentiment and volatility – showed “extreme greed” on Thursday, a level often seen at market peaks.
This index captures emotional market swings, suggesting that while “extreme fear” may indicate buying opportunities, “extreme greed” may indicate an impending correction.
Elsewhere, Bitcoin futures posted losses of $88 million, while ether futures lost $44 million and SOL and DOGE futures lost nearly $15 million, according to CoinGlass data.
