Why Crypto Market Is Down Today: Election Uncertainty Looms

Why Crypto Market Is Down Today: Election Tension Fuels Uncertainty

Crypto Market Decline and Support Levels

On Tuesday, the cryptocurrency market saw a notable drop in its total market capitalization, losing $22 billion and settling at $2.29 trillion. This decline has left the market hovering just above a critical support level at $2.20 trillion, signaling mounting pressure across various assets.

Bitcoin’s Struggles and Market Impact

Bitcoin remains under the $70,000 mark, mainly due to wallet transfers related to Mt. Gox. Reclaiming this level is crucial for Bitcoin to push towards $73,600, potentially paving the way for new record highs.

U.S. Election Uncertainty Weighs on Crypto Markets

With the U.S. election looming, tension in the crypto community is rising. Market reactions to political uncertainty are often negative, and the close race between Harris and Trump has even seasoned traders feeling uncertain.

Bitcoin ETF Outflows Spike on November 4

On November 4, Bitcoin ETFs collectively recorded a large outflow of $541.1 million. Among the 11 funds, BlackRock’s iShares Bitcoin Trust ETF (IBIT) stood out, attracting $38.4 million in inflows. This was the highest ETF outflow day since May 1, when a $563.7 million outflow followed Bitcoin's weekly decline below $60,000, representing a 11.02% price drop.

Launch of the Global Dollar Network by Fintech and Crypto Leaders

A coalition of fintech and crypto companies, including Robinhood, Kraken, and Galaxy Digital, recently launched the Global Dollar Network, introducing a new stablecoin, USDG, pegged to the US dollar.

USDG: A New Stablecoin Issued by Paxos in Singapore

Paxos, based in Singapore, issues the USDG stablecoin to promote stablecoin adoption globally by offering a dependable digital dollar option.

Driving Economic Growth Through Partnership

This initiative aims to broaden stablecoin usage worldwide, offering financial benefits to all partners involved and strengthening the digital dollar transaction ecosystem.