Bitcoin Falls to Almost $68,000 as US Election Day Begins. What Comes Next for BTC/USD?
Key points:
Bitcoin prices swinging lower as markets brace for US election and ETF space sees large outflows.
Illustration by TradingView
Crypto markets consolidated ahead of expected roller-coaster volatility due to the presidential election in the US.
Bitcoin prices 
BTCUSD paused for breath early Tuesday with crypto markets positioning for perhaps the biggest event this year — America chooses its next president. And the stakes couldn’t be higher. Republican Donald Trump is neck-and-neck with Democrat Kamala Harris, according to national polls, throwing tons of uncertainty in digital asset markets and promising lots of action today. Crypto is now in a crunch time as the two presidential candidates have vastly different views on the industry’s future. Former president Trump is looking to make the US the “crypto capital of the world” and has pledged to fire Securities and Exchange Commission boss Gary Gensler over his passive and even harmful-to-the-industry approach to crypto regulation. Vice president Harris, on the other end, has vowed to pursue stricter regulatory guardrails for crypto and introduce higher taxes. In all that, Bitcoin retreated from its near-record levels above $73,500 last week to current market prices around $68,000 per coin. A wave of redemptions in the ETF space on Monday showed how cautiously investors are approaching today’s election — more than $540 million were drained out of all eleven spot Bitcoin exchange-traded funds. With this in mind, brace yourselves for possible price swings as high as 10% in either direction.
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