After attempts to grow this week, the cryptocurrency market has entered a correction, and currently, most of the leading assets have lost their gains. The BTC token is trading around 69300.00 ( 2.0%), ETH is at 2500.00 (–1.2%), USDT is around 0.9991 ( 0.01%), BNB is around 576.00 (–2.0%), and SOL is at 165.00 (–6.8%). The total market capitalization by the end of the week amounted to 2.44T dollars, and the share of BTC on it increased to 58.9%.
Positive dynamics developed against an increased probability of victory in the US presidential election for the Republican candidate Donald Trump. His loyal position towards digital assets has long been known to investors. Previously, he promised to make BTC a state reserve and make the country the cryptocurrency capital of the world. Against this background, the volume of investments in Bitcoin-ETF in the first three sessions of this week grew to 2.242.8M dollars, Bloomberg experts noted panic buying in an effort not to miss out on profits, and the price of the first token approached the historical high of 73794.00, tested in March.
However, in the second half of the week, a downward correction began against some negative factors. Thus, the American stock market, with which the cryptocurrency sector significantly correlates, also began to weaken. Yesterday, shares of the cryptocurrency exchange Coinbase Global experienced the most serious decline in two years against poor financial statements. In addition, the probability of Trump coming to power, according to data from forecast platforms PredictIt, Polymarket, and Kalshi, also decreased from 66.9% to 61.9%. Traders also had questions about the candidate’s economic program, which could negatively affect the price of crypto assets even if the new administration is loyal to them. The official announced plans to significantly reduce the tax burden on businesses, compensating for budget losses by increasing tariffs on imported goods. Experts fear that these steps could cause inflation and, as a result, a return to tightening monetary policy, which would put pressure on alternatives to the dollar. It should be noted that the US Fed is preparing to slow down the interest rate adjustment. Against a steady recovery in the national economy, which amounted to 2.8% in the third quarter, according to preliminary data, and a less significant than expected slowdown in household spending (the core figure reached 0.3% MoM, failing to justify the calculations of 0.2%, and 2.7% YoY against 2.6%), the agency may well limit itself to a single change in the cost of borrowing this year by –25 basis points.
Overall, the situation in the cryptocurrency market remains difficult, but most experts remain optimistic, hoping that if Donald Trump wins the presidential election, digital assets will receive at least a short-term boost.
