Crypto Market Recessive Ahead of US Election

CoinDesk 20 Index: 1,997.20 -0.53%

Bitcoin (BTC): $68,771.50 +0.04%

Ether (ETH): $2,437.68 -1.34%

S&P 500: 5,712.69 -0.28%

Gold: $2,741.94 +0.16%

Nikkei 225: 38,474.90 +1.11%

BTC has lost 2 percent in the last 24 hours, falling below $68,000, triggering a general market decline ahead of the US elections scheduled for the morning hours. Investors are expecting a significant increase in market volatility this week, with price swings as high as $8,000. According to Arkham data, Mt. Gox transferred more than 32,000 BTC worth $2.2 billion at current prices to two different wallets. Approximately 30,400 BTC was sent to “1FG2C… Rveoy” and 2,000 BTC was sent to “15gNR… a8Aok”. Traders, Mt. Gox refunds will add major selling pressure to bitcoin (BTC) markets because early investors will receive payouts at a much higher value than their entries before 2013.

DOGE became the only major token to turn green, gaining approximately 10% in value in the last 24 hours. Memecoin rose over 40% last month thanks to support from Elon Musk as part of the Republican campaign. Musk proposes a Department of Government Efficiency, abbreviated as DOGE, an obvious reference to the token, for an agency that would make government spending and monetary planning more effective. Although observers expect further gains if Donald Trump is victorious, many analysts are predicting a market-wide rise after the election regardless of who wins.

Put options, which offer protection against price declines and expire within a week, are up significantly from yesterday, according to CME’s bitcoin options market. The probability of a 25 delta risk reversal for contracts expiring on Friday (P2XE24) was -1.3% yesterday, indicating a bias for selling. Researchers at data platform CF Benchmarks summarize the situation as follows: “It appears that bitcoin options traders are keeping their bets on the downside ahead of the US elections. “With the 25 delta risk reversal, we can see that contracts expiring within a week are negative, which falls into the region where skewness returns to being positive compared to longer term maturities of 2 weeks or 30 days.”

The chart shows the daily dollar value of the net flow of stablecoins issued and transferred on the Solana blockchain and the Ethereum layer-2 network Base. Transfer volume on Base is growing rapidly, outpacing activity on Solana, the world’s second largest programmable blockchain. ongoing.Base recorded $18.1 billion in trading volume on October 26, accounting for 30% of global on-chain stablecoin activity.Source: Artemis