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Bitcoin and other crypto assets lost momentum midweek, falling towards the critical threshold of $60,000.
Tensions in the Middle East and uncertainty surrounding the U.S. presidential election were among the factors that triggered the decline. Analysts noted that the U.S. presidential election could have a significant impact on the cryptocurrency market.
Tensions in the Middle East have put downward pressure on crypto assets this week. While rising tensions between Iran and Israel have increased geopolitical risks, Bitcoin, considered the riskiest investment vehicle, has been negatively impacted by these developments.
On the other hand, news that the U.S. government transferred $2 billion worth of Bitcoin from previously seized crypto assets triggered downward pressure.
US presidential candidate Donald Trump promised in a speech earlier this week that the US would never sell Bitcoin. However, the US government transferred some of the $2 billion worth of Silk Road Bitcoins that it confiscated years ago.
Latest news on cryptocurrencies
Although Bitcoin has fallen more than 10% this week as it neared $70,000, the leading crypto asset is trading at $60,300.
Ethereum is trading at $2,880, Ripple is trading at $0.54, Dogecoin is trading at $0.105, and Solana is trading at $140.6.
Elections influence the agenda
Analysts say Bitcoin was part of Trump’s key campaign promises. Therefore, crypto assets are directly affected by the ups and downs of the U.S. presidential election.
Commenting on the issue, Matthew Graham, founder and managing partner of Ryze Labs, said:
“In the short term, there are currently several factors affecting the price of Bitcoin, including the possibility of falling interest rates, the possibility of Trump’s victory in the upcoming election, and the possible impact of cryptocurrency reform under Kamala Harris. The market is considering the possibility of such a policy change, and “it carefully considers the potential consequences.”
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