Bitcoin plunges after Trump TV debate loss

BTC Plunges 3% as Trump's Approval Ratings Drop
Coinglass: "BTC, Disaster if it falls below $55,000"
Altcoins follow BTC and fall weakly

Bitcoin (BTC) plummeted on the afternoon of the 11th after Trump virtually lost the US presidential TV debate held on the 10th (local time).

With 56 days left until the US presidential election, Vice President Harris effectively won the televised debate, which was seen as the “last big event” by launching a fierce attack on former President Trump. Thanks to Vice President Harris’s logical tone in attacking former President Trump, the approval ratings of the two candidates, which had been about 4% apart after the televised debate, were tied.

Bitcoin plunged on the assessment that former President Trump, who had repeatedly made cryptocurrency-friendly pledges early on, had effectively lost.

As Bitcoin plunged, attention was drawn to the amount of upward (long) bets deposited in the futures market, making it difficult for Bitcoin to easily rebound.

On-chain analytics platform Coinglass reported in a report released on the 11th that if Bitcoin falls below $55,000, a total of approximately $765 million (KRW 1.24 trillion) worth of long bets could be liquidated.

Altcoins also fell helplessly as Bitcoin fell.

◇Bitcoin = As of 5 PM on the 11th, the Bitcoin price on Upbit was 76.55 million won. Bitcoin's market share (dominance) was 57.21%.

Despite Bitcoin's continued weakness, there is a consensus that Bitcoin will rally at the end of the year. The logic is that September has always been a bad month for Bitcoin and this month is no different.

Matt Hugan, head of investment at Bitwise, claims that Bitcoin will experience a year-end rally as economic and policy uncertainties in the U.S. ease.

General Manager Hugh said that with the end of the US presidential election at the end of the year and the Fed’s announcement of a rate cut, all uncertainties in the market will be resolved, and Bitcoin will rally according to its past patterns. He emphasized that “Bitcoin is simply repeating its past patterns,” and that “Bitcoin’s decline in September was a regular occurrence, and a significant rally will begin in October and November as uncertainties are resolved.”

◇Rising Coin = As of 5 PM on the 11th on Upbit, the cryptocurrency with the largest increase compared to the previous trading day was UXLINK, up about 12%.

UXLink builds a user-participatory Web 3.0 social platform, guaranteeing users complete ownership and privacy of their data, identity, and social connections. It aims to overcome the limitations of existing social platforms by serving as a bridge between Web 2.0 and Web 3.0.

For users, it provides various dApps and services that can be operated on a group basis, and for developers, it supports various APIs (Application Programming Interfaces) and SDKs (Software Development Kits) that can utilize users' social data. Users can easily create a UXLink account and invite friends using existing social media accounts such as Telegram. UXLink's native token, UXLink, is used as a means of payment and governance within the platform.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'Fear' stage at 37 points. The fear stage (25-49) is a stage where price volatility and trading volume increase and the price falls. There is a high possibility of forming a short-term low, so you should be careful when buying.

Reporter Kwon Seung-won ksw@