Cryptocurrency market drops in the lead-up to the U.S. election, with Bitcoin briefly falling below 68,000.

With the US presidential election in a tight race, the cryptocurrency market has experienced significant fluctuations. The price of Bitcoin (BTC) has dropped from near its all-time high within just 96 hours, failing to break through $73,700. This decline reflects investors' increased concerns about the uncertainty of the election, especially as the market dynamics have rapidly changed amid previously optimistic predictions of a victory for Republican candidate Donald Trump.

Trump's Approval Rating Drops, Cryptocurrency Market Reacts Sharply

A few days ago, Trump's odds of winning, who supports crypto-friendly policies, soared to 67% on the prediction market Polymarket, while Democratic candidate Kamala Harris was at only 33%. However, with the changing political landscape, Trump's chances plummeted to below 53%, while Harris's support rose to above 47%. The market instability increased, putting further pressure on the crypto market, causing the price of Bitcoin to briefly drop to $67,600.

As of Sunday morning in the US, Trump's odds of winning rebounded to 56%, and the price of Bitcoin also slightly recovered to 68K, but still down over 2% from the previous day. The market's volatile sentiment was also reflected in other cryptocurrencies, with most seeing a decline in the past 24 hours.

Market Commentary: Strong Correlation Between Bitcoin and Election

The synchronous fluctuations between the price of Bitcoin and Trump's election prospects have drawn the attention of many market analysts. Analyst Miles Deutscher pointed out: "The high correlation between the price of Bitcoin and Trump's election prospects is truly remarkable." Such a strong correlation has led market investors to ponder the extent to which political events impact the cryptocurrency market.

As the election approaches, market uncertainty is expected to persist. Both the stock market and the crypto market generally dislike unstable situations, and the current election prospects are placing them in a volatile risk position. Investors will continue to monitor the election developments in the coming days and respond to further market fluctuations accordingly.