The price of bitcoin rose slightly on Monday, stabilizing after an unsuccessful attempt to reach record highs that led to significant losses in the cryptocurrency over the weekend.
Writes UNN with reference to Investing.
Risk appetite also declined due to expectations of a tense presidential election, and traders became more cautious about speculative assets ahead of this week's Federal Reserve meeting.
Bitcoin was up 0.6% to $69,018.9 as of 00:30 ET (05:30 GMT). It is the US presidential election that is affecting bitcoin. Recent polls have shown that Donald Trump and Kamala Harris are in a tight race, the outcome of which will largely be determined by seven key states.
Trump is considered to be a more favorable candidate for the crypto market, as he demonstrates a pro-cryptocurrency stance in his campaign. Harris, in turn, promised to create a regulatory framework for cryptocurrencies, but did not disclose the details of her attitude to the industry.
This change was one of the main factors behind bitcoin's recent losses. The token reached $73,600 last week, approaching the record high set in March of this year.
The world's second most popular cryptocurrency, Ether, rose 1% to $2,465.40, but also experienced a sharp drop over the weekend.Among other altcoins, XRP and SOL remained almost unchanged, while ADA and MATIC were down about 3% each. Among the meme tokens, DOGE was down 0.3%.
Recall
Last week, Bitcoin rose above $71,000 for the first time since June , driven by speculation about the possible outcome of the US election.