Bitcoin Drops 4% to $69K as Election Odds for Crypto Supporter Donald Trump Slip

Bitcoin Active Addresses Fall 25%, as investors await clarity before market re-entry. Analysts warned that Bitcoin may drop further if $68,958 support breaks

Bitcoin price dropped 4% on Monday amid decreasing odds for former President Donald Trump to win the 2024 U.S. election, according to a prediction market.

Bitcoin dropped to around $69,000 on Monday, as investors assessed the latest U.S. election odds, which showed a decline in chances for former President Donald Trump to win the 2024 election.

The price of Bitcoin dropped by 4% to around $69,000 on Monday, as investors reacted to the latest U.S. election odds, which showed a decrease in chances for former President Donald Trump to win the 2024 election, according to a prediction market.

The drop in Trump's odds comes as Vice President Kamala Harris saw an increase in her chances of winning the election.

According to Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors, the decreasing odds for Trump could create uncertainty among investors.

While Trump has been vocal about making the U.S. a global leader in cryptocurrency, Harris has promised a balanced approach to crypto regulation.

This stands in contrast to President Joe Biden's cautious stance on the industry, adding to concerns within the crypto community.

Meanwhile, active addresses on the Bitcoin network have fallen by 25% to around 734,000, down from the peak of 986,000 seen in March.

Many investors are likely holding back, waiting for the election results on November 5 before making significant moves in the market.

If Bitcoin's price continues to struggle, the next important support level to watch is $68,958.

If it falls below this mark, analysts warn of a more significant drop, potentially revisiting levels around $65,099 or even lower to $63,364.

However, a breakdown past $68,958 might lead to an 8% to 13% decrease in Bitcoin's price.

As of now, Bitcoin is trading around $69,439 reflecting a drop of 4% seen in the last 24 hours.

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