Cryptocurrency prices on November 5: Bitcoin falls below $68,800 as uncertainty surrounds US election

The cryptocurrency market showed mixed trends on Tuesday as investors awaited the outcome of the closely contested US presidential election.

Major tokens, including Bitcoin, Ethereum, BNB, Solana, and Toncoin, recorded declines of up to 6%, while others such as XRP, Dogecoin, Shiba Inu, Polkadot, and NEAR Protocol saw gains of up to 10%.

At 12:41 pm IST, Bitcoin (BTC) was trading 0.4% lower at $68,733, while Ethereum fell by 1.7% to $2,430. Despite individual declines, the global cryptocurrency market cap rose 0.36% over the past 24 hours, reaching around $2.26 trillion.


“Bitcoin continues to face selling pressure as uncertainty increases with only hours remaining before the US election. Market sentiment has been impacted by factors like Trump’s declining odds, weak non-farm job data, and Mt. Gox transferring $2.2 billion in Bitcoin to unmarked wallets, leading investors to take a cautious, wait-and-see approach until election results are clear. BTC now faces resistance at $69,000, with strong support at $65,950," said Edul Patel CEO of Mudrex.

Meanwhile, the CoinSwitch Markets Desk stated, "Market volatility is high with the U.S. election voting and FOMC meeting this week. Historically, BTC tends to rally after election week, so current dips may just be noise."

The volume of all stablecoins is now $79 billion, which is 95.19% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.358 trillion. Bitcoin's dominance is currently 60%, according to CoinMarketCap. BTC volume in the last 24 hours surged 24% to $41.54 billion.

Earlier in the day, BTC touched the $66,800 mark. "Bitcoin has fallen below $68,000 amid a broader market selloff, with spot ETFs registering outflows. Heavy sell volumes suggest a potential for further consolidation unless we see a strong, volume-driven push towards $70,000," said Vikram Subburaj, CEO of Giottus.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)