Leading cryptocurrencies retraced over the weekend as the probability of Donald Trump winning the presidential election fell sharply in prediction markets.

What Happened: Bitcoin slipped to a low of $67,500 in the morning hours, a sharp reversal from its near-new highs last week. The leading cryptocurrency recovered to $68,000 late evening.

The pullback looked to be associated with Trump’s declining odds on prediction markets, including Polymarket, which gave him a 54% chance of winning, down from 66% on Oct. 30.

Total cryptocurrency liquidations blasted above $362 million over the last 24 hours, with $264 million in leveraged longs getting wiped out.

Bitcoin’s Open Interest rose 1.45% in the last 24 hours. An increase in OI, coming alongside a dip in price, indicated a surge in short selling.

Additionally, more than 61% of all derivatives traders with open positions were short on Bitcoin, according to the Long/Short Ratio.

That said, the market sentiment remained in the “Greed” category, as per the Cryptocurrency Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency stood at $2.28 trillion, following a contraction of 1.05% in the last 24 hours.

Stock futures slipped during overnight trading on Sunday. The Dow Jones Industrial Average Futures dipped 151 points, or 0.37%, as of 7:35 p.m. EDT.  Futures tied to the S&P 500 lost 0.19%, while Nasdaq 100 Futures were down 0.10%.

Investors braced for the high-stakes Nov. 5 presidential election between Trump and Kamala Harris with no clear favorite on betting markets and national polls.

The other major event to watch is the Federal Reserve’s FOMC meeting on November 7, with traders pricing in a 25 basis point rate drop, according to the CME FedWatch tool.

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Analyst Notes: CrediBULL Crypto, a popular X account known for providing cryptocurrency trading insights, observed Bitcoin’s “constructive” lower-timeframe trajectory and that the leading cryptocurrency was forming a bottom before a push to new highs.

Contrary to the market’s bearish view, widely followed cryptocurrency trader Nihilus believed Ethereum’s bull run to begin after the elections. 

“Many people think ETH will drop due to the liquidity levels below, but the market maker doesn’t think so. Last year around this time, nobody was saying ETH would reach $2,000, and now almost no one is saying that ETH is preparing for a bull season,” the trader remarked. 

Photo by Igor Faun on Shutterstock

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