Crypto Week Ahead: All Eyes On US Presidential Election, Pro-Trump Development Might Move Prices

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $73,544.76.

BTC dominance, at the time of writing, stood at 59.40 percent.

Source : David Peterson/Pexels

Bitcoin (BTC), at the time of writing, is dwelling within the $68,000 at the time of writing. All eyes now rest on the US Presidential Election as pro-Donald Trump developments are expected to drive BTC price in the coming days. Since Trump is involved, any positive news on that front is also expected to drive the price of memecoins associated with billionaire Trump supporter Elon Musk, like Dogecoin (DOGE).

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. 

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (October 28), the overall crypto market cap stood at $2.30 trillion. BTC price stood at around $67,800. ETH price stood at around $2,480.

A week later, the overall market cap dipped to $2.29 trillion.

DeFi's total volume stands at $3.69 billion, at 5.18 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $64.97 billion, at 91.12 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 53 points (out of 100).

BTC dominance, at the time of writing, stood at 59.40 percent.

Over the past seven days, Bitcoin achieved a high of $73,544.76 (on October 30) and a low of $67.591.55 (November 3).

Ethereum, on the other hand, saw a high of $2,718.30 (October 30) and a low of $2,421.56 (November 3).

Crypto Events To Note

El Salvador's ambitious Bitcoin investor visa program, designed to attract cryptocurrency enthusiasts by offering a crypto-friendly residency option, appears to have missed its mark. Despite the nation’s appeal as a secure and crypto-friendly environment, a recent inquiry into public records suggests that the programme has failed to generate the anticipated interest among Bitcoin investors.

This initiative, part of the country’s broader push to integrate cryptocurrency into the economy, was intended to entice foreign investors by combining regulatory clarity with a welcoming stance on digital currencies. While El Salvador has gained recognition for its pro-Bitcoin policies and improved security, these measures seemingly haven't been enough to captivate the intended international audience.

Furthermore, Ripple’s CEO has announced the closure of his long-standing bank account, suggesting his affiliation with the cryptocurrency sector may be at the root of the decision. This development underscores the challenges crypto leaders face in traditional finance, as banks often exhibit caution around the volatile digital asset industry.

Further, during the recent BRICS summit, Russia proposed a fresh alternative to SWIFT, focusing on a payment network that would incorporate digital currencies and advanced financial messaging. The initiative points to an emerging global shift in financial transactions and cross-border payments, potentially challenging the current international banking standards.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Over the weekend, Bitcoin briefly dropped to $65,490 amid escalating tensions in the Middle East and growing political uncertainty in the US, where Trump and Harris were tied at 48% odds at one point While BTC has recovered trading over $67,600, investors remain cautious despite the price action. On the other hand, meme coins such as Doge see increased interest, up 4.5% in a day. With the elections right around the corner, it would be interesting to see how the market reacts ahead of the results.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.