As the US election countdown begins, altcoins are the riskiest trade in the crypto world
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Odaily Odaily News: After underperforming Bitcoin for most of this year, smaller cryptocurrencies such as Dogecoin and SOL may eventually face the greatest risk after the US presidential election. Bitcoin rose 4.6% to $70,165 on Tuesday, about 5% below its record high of around $73,800 in March. The cryptocurrency with the largest market value has risen more than 65% this year. On Tuesday, Dogecoin rose 17% at one point, partly because Elon Musk, a long-time supporter of Dogecoin, said that if Trump wins the election, a Department of Government Efficiency (DOGE) will be established. "For Bitcoin, the US election is not very important," said Zaheer Ebtikar, founder of cryptocurrency fund Split Capital. "For alternative coins, if Kamala Harris wins, they may not rebound that much. They are the biggest winners or losers in this election." (Jinshi)
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