Bitcoin Price Crash Below $70,000: What Does It Have To Do With Whales And The US Presidential Elections?

Scott Matherson

7 months ago

4 mins read

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After skyrocketing above $72,000 earlier last week, the Bitcoin price has experienced an unexpected crash below the $70,000 mark ahead of the US Presidential elections. Reports have cited the influence of whales and the upcoming results of the US Presidential elections as catalysts to this price decline.

Bitcoin Price Crashes As Market Braces For US Election Results

The Bitcoin price seems to have experienced a pre-election crash. It is now trading below the $70,000 mark after declining by over 3.64% in just a few days. Many are labeling this sharp decline to the $68,000 level as the “biggest Bitcoin crash,” signaling that the most significant downturn in Bitcoin’s history has just started.

Market intelligence platform Santiment has noted the recent Bitcoin crash, highlighting the decreasing number of non-empty wallets by investors. According to the analytical platform, there have been 211,540 fewer addresses than three weeks ago. This massive reduction is seen as a sign of intense Fear, Uncertainty, and Doubt (FUD) typically associated with future bullish performance and a strained market.

Currently, the crypto market is in suspense mode as investors, both retail and institutional, await the results of the US Presidential elections. Even large-scale Bitcoin investors, often called ”Whales,” have been relatively mute, adopting a “Wait-And-See” attitude as they closely watch how the results of the US election impact the dynamics of the market.

Santiment also notes that Bitcoin whales have been reducing their transaction activity, signaling a change in market sentiment. The market intelligence stated that “Bitcoin whales are patiently awaiting the US Presidential election results as their activity settles from last week’s spike near crypto’s top.

The outcome of the US elections are expected to start pouring in today, and many crypto traders and investors are already preparing for major market volatility and unpredictability. On X (formerly Twitter), there has also been a spike in mentions related to Presidential candidate Donald Trump, who has gained significant support from various crypto community members.

How The US Presidential Elections Could Impact The BTC Price

Many crypto analysts hold varying opinions and predictions regarding the future of the crypto market after the US presidential elections. With major candidates, Kamala Harris or Trump vying for Presidency, investors and crypto experts are closely watching the market for changes.

According to crypto analyst Crypto Rover, the last time former President Trump won the US election, Bitcoin pumped 2,714%. The analyst has suggested that if history repeats itself, that is, if Trump wins the current Presidential elections and Bitcoin price experiences a similar surge, then the pioneer cryptocurrency could be worth $2 million by 2025.

Moreover, Santiment has revealed that in the previous election in November 2016, Bitcoin crashed by 5.5% after Trump was announced as President. In contrast, in November 2020, the Bitcoin price surged by 22.6% after Joe Biden was announced as President.

Based on social sentiment on X, it appears many members of the crypto community are supporting Trump as the next US President. However, Adam Khoo, a crypto analyst, has noted that over 50 million US citizens have already voted in the US elections, with exit polls showing a significant landslide victory for Harris.

Bitcoin price chart from Tradingview.com — BTC price pushes toward $69,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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