As the US prepares to elect its 47th President on November 5, volatility has noticeably increased across investment markets, including stocks and crypto. Bitcoin on Monday, November 4 saw a minor profit of under one percent on both national and international exchanges. At the time of writing, BTC was trading at $69,050 (roughly Rs. 58 lakh) on foreign exchanges, as per CoinMarketCap. On Indian exchanges like CoinSwitch and Giottus, meanwhile, the asset is priced at $70,168 (roughly Rs. 59 lakh).
“While the world is waiting for the result of the US presidential elections, It is worth noting that the number of transactions on the Bitcoin network on a monthly basis has already reached its all-time high in October, surpassing the 20 million mark. Even though Bitcoin is so close to its all-time highs and has crossed 60 percent dominance in the market (the first time in close to four years),” the CoinSwitch markets desk told Gadgets360 commenting on the markets.
Ether reflected a price drop of 0.28 percent in the last 24 hours. On foreign exchanges, ETH is trading at $2,465 (roughly Rs. 2.07 lakh) as per CoinMarketCap. On Indian exchanges, ETH is priced $2,756 (roughly Rs. 2.31 lakh).
Presently, Tether, Binance Coin, and Solana recorded price drops alongside Dogecoin, Cardano, Shiba Inu, and Avalanche.
Other cryptocurrencies that logged losses on Monday include Chainlink, Bitcoin Cash, Polkadot, Leo, Litecoin, Near Protocol, and Uniswap — as per the crypto price tracker by Gadgets360.
The overall valuation of the crypto sector dipped by two percent in the last 24 hours. Currently, the market cap of the digital assets sector is around $2.25 trillion (roughly Rs. 1,89,18,641 crore), showed CoinMarketCap.
USD Coin, Ripple, Tron, Monero, and Stellar managed to hold onto minor profits on Monday.
Ardor, Braintrust, Elrond, and Circuits of Value also registered minor gains.
“Although technical charts suggest momentum is building, investors’ reaction to the election outcome is expected to be the key driver of rice action,” Edul Patel, CEO Of Mudrex told Gadgets360.
In the days ahead, crypto insiders anticipate market fluctuations driven by the US election results and an upcoming Federal Reserve policy meeting later this week.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.