Bitcoin prices continued to decline on Friday, marking a third consecutive day of losses as the crypto market faced a broad sell-off, influenced partly by shifting political dynamics in the U.S.
Following a peak of $73,600, Bitcoin dropped over 6.5% in three days, settling below $69,000 with a 5% decrease in the last 24 hours.
Other cryptocurrencies also suffered, with Ether falling 4.59% to $2,521.48, and altcoins like Solana and Cardano experiencing losses of 4.00% and 3.01%, respectively. Even Dogecoin, typically resilient, plunged 15.13%.
The downturn appears linked to narrowing odds for Donald Trump in the presidential race, with Vice President Kamala Harris’s likelihood of winning increasing to nearly 39%.
Although Trump remains the frontrunner with 61%, market sentiment suggests that a Trump victory would favor Bitcoin, while a Harris win could introduce regulatory uncertainty.
Additionally, profit-taking ahead of the weekend triggered a broader market pullback, wiping out over $250 million in long positions. The Fear and Greed Index indicated “extreme greed,” often seen at market peaks, further signaling potential for a correction. Futures data revealed significant losses across Bitcoin and Ether, totaling $88 million and $44 million, respectively.
