Tuesday, December 10

Bitcoin Pulls Under $68K as Crypto Markets Falter Ahead of Election

“Markets hate uncertainty,” goes an old Wall Street saw.

Just about 96 hours ago, the price of bitcoin (BTC) was within a few dollars of breaking through its all-time high above $73,700, perhaps helped along by a surge in momentum for crypto-friendly GOP presidential candidate Donald Trump.

  • 01:01

    Bitcoin Breaks $64K While Gold Soars

  • 02:01

    Trump-Endorsed Crypto Project Confirms Plan for a Token; Bhutan Holds Over $780M in Bitcoin

  • 00:56

    ETH/BTC Ratio Slid to Lowest Since April 2021

  • 00:57

    Is Bitcoin Losing Its Bullish Momentum?

  • At that time, Trump’s victory chances on betting market Polymarket had risen to as high as 67% (with his opponent Kamala Harris’ chances dropping to a corresponding 33%).

    Since, though, Trump’s odds have been falling, as has the price of bitcoin and cryptocurrencies in general. At one point overnight, the former president’s victory chances declined to less than 53% (with Harris rising to above 47%). Alongside, bitcoin fell to as low as $67,600. At press time, during the U.S. morning hours Sunday, both Trump and bitcoin have come back a bit, with Trump sitting at 56% and bitcoin at $68,300, lower by more than 2% over the past 24 hours.

    The broader CoinDesk 20 Index is down 2.3% over the same time frame, with Cardano (ADA) and Avalance (AVAX) notable underperformers, each off nearly 6%.

    “It’s crazy how correlated bitcoin price action is to Trump’s election odds,” wrote analyst Miles Deutscher on X.

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