Bitcoin Dropped Below 67 Thousand Dollars

CoinDesk 20 Index: 2,055.12 -1.52%

Bitcoin (BTC): $66,466.59 -1.27%

Ether (ETH): $2,582.91 -1.91%

S&P 500: 5,851.20 -0.05%

Gold: $2,751.91 +1.14%

Nikkei 225: 38,104.86 -0.8%

Dogecoin (DOGE) and XRP led losses among major tokens as investors took profits earlier this week and U.S.-listed bitcoin (BTC) exchange-traded funds (ETFs) broke a 7-day streak of entries. Bitcoin rose to nearly $70,000 on Monday, while DOGE fell 5% and XRP fell 4%. The CoinDesk 20 Index (CD20), which tracks the largest tokens by market cap, fell nearly 2 percent, while bitcoin lost 1 percent. However, investors are predicting a run to $80,000 in the coming weeks as the US elections approach, regardless of who is elected president.

Investors have pointed out that bitcoin resistance and a pause in stablecoin issuances are among the reasons for the slow rise in bitcoin and other cryptocurrencies. Stablecoin liquidity and growth are closely related to high bitcoin and crypto prices. Bitcoin ETFs lost a net $80 million yesterday, and Ark Invest’s ARKB saw an outflow of $134 million, a record figure for the product. BlackRock’s IBIT led inflows, pulling in $42 million, while Fidelity’s FBTC and VanEck’s HODL recorded inflows of $8 million and $3 million, respectively.

Some investors say bitcoin could surpass previous highs no matter which candidate becomes the US president. Donald Trump is perceived as a more pro-crypto candidate and therefore a Republican victory is assumed to be a more beneficial outcome for BTC. However, some analysts report that the asset is poised to rise either way. “Both presidential candidates have adopted pro-crypto stances to appeal to voters, but it is difficult to say whether any of their promises will come true,” said Jeff Mei, chief operating officer of crypto exchange BTSE. “However, it is clear that the market is responding positively to the upcoming change in administration and policies. Whether Harris or Trump wins, investors and traders think any change will be good.”

The cumulative transaction volume on Uniswap, the largest Ethereum-based decentralized exchange, has exceeded the $ 2 trillion mark. Tagus Capital said about the development: “This success of Uniswap emphasizes the role of the platform in decentralized trading and its presence on multiple chains. The strong growth of the DEX sector helped it gain ground against centralized counterparts, with DEXs market share rising from 3.8% in January 2021 to 14.1% currently.”Source: Dune