Bitcoin 
$60,797 At the time of writing, it has fallen to $60,000 and the key support level has been lost. The ongoing move below $60,700 does not offer a good read due to the current price at $60,130. We may see a new bearish wave in the coming hours that could cause more losses for BTC.
Why Is Bitcoin Falling?
There are multiple reasons for the decline and altcoin investors may be hurt more. First, let’s quickly look at what happened in the last few hours. The first major development was the statement that the interest rate cut could be skipped at a meeting, depending on the data.
- Bostic targeted the expectation of a 100bp annual discount, saying that if the data comes as expected, I am open to remaining inactive in one of the last two meetings.
- GCRTrump sold Win shares in Polymarket and this was due to the possibility of Trump losing the election. However, he later explained that he only did this to trade in other prediction markets. It was this event that pushed BTC to $60,000, if only because Trump Win was too expensive on Polymarket and wanted to arbitrage.
- The SEC filed an unregistered securities lawsuit against Cumberland DRW LLC, and it’s in great shape these days. Recently, a lawsuit was filed against the Cryptocom exchange.
All these developments happened in just a few hours and BTC It was this, along with many other far-reaching events, that triggered the drop in price. Yesterday China had over 500 thousand ETH The fact that the holder made a transfer to the stock exchanges from one of the wallets he seized forms the basis of the negativity in the last 24 hours.
Bitcoin and Predictions
We will enter a new weekend and tomorrow is the last working day. Even though today’s inflation data decreased compared to the previous month, it remained above expectations. But such deviations can be tolerated while employment is recovering and inflation is so close to the 2 percent level. The real problem seems to be the upcoming November elections.
By filing lawsuits one after another despite the upcoming elections, the SEC gives the message that the current intense pressure on crypto companies may continue if the Democrats win the election. Last minute approval Ether ETFNo matter how much he said the opposite (in those days), today Gensler and his team are determined to continue doing what they have done so far. Moreover, there is still more than 1 year left for Gensler’s term to expire.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
