This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Bitcoin slid below $67,000, prompting a broad decline across the major cryptocurrencies. BTC dropped under $66,500 during the late European morning, around 1.3% lower in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index, has fallen just over 1.5%. Bitcoin ETFs snapped a seven-day winning streak on Tuesday, losing nearly $80 million. DOGE led the losses among major tokens, falling 3.8%, while ETH and XRP both lost around 1.5%. DOGE had led gains in the previous seven days following a recent endorsement by Elon Musk.
Observers have pointed out that a slowing of stablecoin issuance is among the causes of the crypto market's progress being continually halted. Bitcoin nudged above the $69,000 mark but failed to sustain its upward movement subsequently. Stablecoin liquidity and growth are closely related to higher bitcoin and crypto prices. “Stablecoin volume has not increased since late September, setting up a potential pause in the growth of the broader cryptocurrency market, as stablecoins are often seen as liquidity for quick purchases of coins of interest. The previous growth momentum was from August to September, when the overall crypto market capitalization pushed off the bottom,” Alex Kuptsikevich, senior market analyst at FxPro, told CoinDesk in an email.
Bitcoin may cross previous highs regardless of which candidate becomes the U.S. president, some traders say. Donald Trump has been perceived as the more pro-crypto candidate and therefore it has been assumed a Republican victory would be the more beneficial outcome for BTC. However, some say the asset is poised to go higher either way. “Both Presidential candidates have adopted pro-crypto stances to appeal to voters, but it's tough to say if any of their promises will come to pass,” Jeff Mei, chief operating officer at crypto exchange BTSE, told CoinDesk. “However, It is clear that the market is responding positively to the upcoming change in administration and policies - whether it's Harris or Trump, traders and investors think any sort of change will be good.”
Chart of the Day
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- Cumulative trading volume on Uniswap, the largest Ethereum-based decentralized exchange, has crossed the $2 trillion mark.
- "Uniswap's success highlights its role in decentralized trading and its presence across multiple chains. Its strong expansion has helped the DEX sector gain ground against centralized counterparts, with the market share of DEXs rising, for example, from 3.8% in January 2021 to 14.1% currently," Tagus Capital said.
- Source: Dune
