Crypto Week Ahead: Bitcoin Finds Stability, US Elections To Decide Top Coins’ Fate

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $69,110.23.

Bitcoin (BTC), despite a brief dip over the weekend, has managed to regain a stable range of $67,000 early Monday, showing a slightly resilient market compared to the past few weeks. As the US Presidential election approaches this month, all eyes will rest on pro-crypto candidate Donald Trump’s fate, depending on which BTC might see a noteworthy rally. 

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 21), the overall crypto market cap stood at $2.39 trillion. BTC price stood at around $69,046.29. ETH price stood at around $2,740.

A week later, the overall market cap dipped to $2.3 trillion.

DeFi's total volume stands at $3.42 billion, at 6.71 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $45.45 billion, at 89.25 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 54 points (out of 100).

BTC dominance, at the time of writing, stood at 58.37 percent.

Over the past seven days, Bitcoin achieved a high of $69,110.23 (on October 21) and a low of $65,535.18 (October 24).

Ethereum, on the other hand, saw a high of $2,741.28 (October 21) and a low of $2,391.6 (October 26).

Crypto Events To Note

In a move likely to boost stablecoin use in Bolivia, Bisa Bank has introduced a range of services for Tether’s USDT, marking a first for the country. This private Bolivian bank now enables customers to buy, sell, and securely hold USDT, providing new options for remittances and global payments. The bank’s adoption of this service reflects a growing demand for stablecoins as a convenient, fast, and cost-effective means of handling cross-border transactions.

Furthermore, Ripple CEO Brad Garlinghouse recently revealed that his bank account was closed due to his association with the cryptocurrency sector, highlighting the challenges faced by high-profile figures in this space. Garlinghouse shared that his bank was straightforward about the decision, explaining that his prominence in the crypto industry attracted heightened regulatory attention. 

"They were actually super honest," Garlinghouse noted, recalling the bank’s explanation: “Look, you are a notable person in crypto, and having notable people with crypto and banking the crypto industry means more scrutiny from federal regulators, so we don’t want it.” This development underscores the increasing pressure on financial institutions dealing with the crypto industry amid evolving regulatory landscapes.

Lastly, Standard Chartered has forecast a significant climb in Bitcoin’s value, projecting it to reach $73,000 by the upcoming US Election Day on November 5. The financial giant suggests that, depending on the election outcome, bitcoin could soar even higher, hitting $125,000 if Republicans take control of Congress by the year's close.

Geoff Kendrick, Standard Chartered's Global Head of Digital Assets Research, led the analysis, highlighting that the political landscape may influence Bitcoin's trajectory. The report details various scenarios, assessing how different election results could impact Bitcoin’s performance, and suggesting a close link between the political atmosphere and digital asset movements.

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.