Trump's Chances of Winning Decline, Bitcoin Plunges in a "Cliff-Edge" Fall

Trump's Chances of Winning Decline, Bitcoin Plunges in a "Cliff-Edge" FallThis sharp downturn is closely linked to the results of the US election prediction market. During his campaign, Trump declared that if he returned to the White House, he would designate Bitcoin as a strategic reserve asset for the US, making it the "global cryptocurrency capital" and receiving strong support from the crypto industry

Trump's Chances of Winning Decline, Bitcoin Plunges in a "Cliff-Edge" Fall

The cryptocurrency market has been "bloodbath" over the past week, with Bitcoin plummeting from its all-time high of $73,660 per coin. It has consecutively breached the $73,000, $72,000 and $71,000 integer levels, falling below $70,000 to a low of $67,446 per coin. It is currently trading at $68,998. Other cryptocurrencies have also suffered significant losses, with PIXFI dropping 20.8% in 24 hours, TOMI falling 20.7%, and CARV plunging 19.3%. More than 10 other cryptocurrencies have seen double-digit declines.

This sharp downturn is closely linked to the results of the US election prediction market. During his campaign, Trump declared that if he returned to the White House, he would designate Bitcoin as a strategic reserve asset for the US, making it the "global cryptocurrency capital" and receiving strong support from the crypto industry. Bitcoin has also been dubbed the "Trump trade." As Trump's lead widened in prediction markets, Bitcoin also surged.

However, with recent polls showing Harris leading Trump with 49% support compared to his 48%, Trump's chances of winning have diminished, causing Bitcoin to experience a "cliff-edge" plunge. Bloomberg has pointed out that Trump's embrace of the digital asset industry during his campaign bolstered crypto sentiment, but the question is whether the effects of his broader priorities would temper this optimism.

According to Coinglass data, over the past 24 hours, the cryptocurrency market has seen 145,400 liquidations totaling $363 million (approximately 2.5 billion yuan). Of these, longs accounted for $260 million in liquidations, while shorts totaled $67.48 million. The largest single liquidation amounted to $9.97 million.

This Bitcoin crash once again demonstrates the high volatility of the cryptocurrency market and its sensitivity to political events. Investors need to be cautious in the cryptocurrency market, invest rationally, and avoid blind following.

According to CCTV News, based on data from the University of Florida's Election Lab, as of the afternoon of November 3rd, over 76.46 million voters across the US have cast early ballots in the 2024 presidential election. In North Carolina, early voting turnout has reached an all-time high, with over 4.2 million ballots cast at in-person voting stations. According to opinion polls, Harris currently leads Trump by 49% to 48% in support, but there is still room for the support ratio to change in the remaining days before the election, as approximately 10% of potential voters and 16% of registered voters have indicated they are still weighing their options. (Source: Tide News Client)