As we embark on the second month of the final quarter, cryptocurrency traders are keenly anticipating a resolution to the recent stagnation plaguing the market. Since its peak in March, Bitcoin has remained constrained below the $73,777 mark. Although it recently climbed to $73,600, the price subsequently fell, influenced by rising geopolitical tensions and the looming U.S. election. What is the current landscape for cryptocurrencies?
### Current Status of Bitcoin (BTC)
Trading volumes have once again dwindled, reflecting the weekend’s trend of apathy. Several altcoins have faced declines exceeding 5%. At present, Bitcoin (BTC) 
is trading at $68,666. Should it mirror its performance from 2021, BTC could reach unprecedented heights this month, but this hinges on the conclusion of the U.S. elections.
On November 5, the announcement of the new U.S. President will take place. The identity of this new leader has never been more critical for the crypto market. Trump’s strong endorsements of cryptocurrencies and Bitcoin have sparked considerable enthusiasm. Should he secure victory, we could anticipate a significant upward trajectory in the following week.
Recall the moment when Bitcoin’s price surged past $40,100? Shortly thereafter, BTC soared to its all-time high. We now need to witness a comparable breakout and sustained support above $70,000 for new record levels to emerge. It is essential to maintain support at $69,000 to mitigate any potential downturns. Depending on the news cycle in the upcoming hours, volatility may result in significant price fluctuations, potentially ranging between $80,000 and $55,000.
### Current Status of Cryptocurrencies
The total market volume of all cryptocurrencies has fallen to $55 billion, reflecting a 37% decrease from the previous day, a trend commonly observed during the weekend. The fear and greed index currently stands at 55. IMX Coin has experienced the steepest decline this week, plummeting by 18% as it became the latest target of an SEC lawsuit.
Other cryptocurrencies, including MEW, TAO, BEAM, HNT, WLD, TIA, NOT, WIF, BONK, and BRETT Coin, have also recorded double-digit losses. The ongoing SEC lawsuits suggest that institutional pressure on cryptocurrencies may persist beyond the elections. A potential remedy for this situation could be Trump’s appointment of a pro-crypto president. SEC members Uyeda and Peirce have criticized the agency’s previous decisions, with one of them possibly being a viable candidate.
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### Disclaimer:
The information presented in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and are encouraged to conduct their own research.
