Bitcoin buzz cools 🥶

Days after a close call with an all-time high plus surging ETF flows, Bitcoin is falling ahead of Election Day. What's the deal?

Author

Andrew Hayward
November 01, 2024

📝 What you need to know

Bitcoin was flying high earlier this week, with the price of the leading cryptocurrency topping $73,000—coming a mere $175 away from its all-time high price—while U.S. ETFs took in record-breaking funds.

But now, Bitcoin has dipped below $69,000 multiple times over the last 24 hours, while ETF flows stalled out on Thursday. What happened? While there’s no single, obvious cause, Bybit analysts said that short-term volatility has peaked ahead of Election Day next week, similar to the period before January’s spot ETF approvals.

In other words, expect some price spikes. Even so, the expected “Uptober” gains last month definitely arrived, and analysts believe that the U.S. election outcome will be bullish for the price of Bitcoin—no matter who comes out on top.

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