Bitcoin and Other Cryptocurrencies Decline as Uncertainty Grows About the Outcome of the U.S. Election

Bitcoin had been rising in recent days and came close to eclipsing its all-time high of just under $74,000 U.S. as crypto bulls bet on a presidential win by Donald Trump

The price of Bitcoin and other leading cryptocurrencies has declined as uncertainty grows about the outcome of the U.S. election that’s taking place on Nov. 5.

Bitcoin had been rising in recent days and came close to eclipsing its all-time high of just under $74,000 U.S. as crypto bulls bet on a presidential win by Donald Trump, who is pro-crypto.

However, Bitcoin has declined 2% in the last 24 hours and is trading at $70,200 U.S. as investors start to hedge their bets and take profits ahead of the U.S. election.

A leading indicator of crypto sentiment also suggests that a top may have been reached with Bitcoin and that heavy selling might occur on the eve of the Nov. 5 election and the days after.

Other cryptocurrencies, including Ethereum (ETH) and Bitcoin Cash (BCH) are also pulling back with the U.S. election days away.

Polls continue to show Trump and vice-president Kamala Harris deadlocked in the race for the White House as Americans prepare to vote.

But odds of a Trump victory are slipping on various betting sites in the U.S.

On crypto betting site Polymarket, Trump's chances of winning the presidency have fallen to 61% from 67% earlier this week. The odds of a Harris victory have risen to 39% from 33%.

Meanwhile, the stock for Trump Media and Technology Group (DJT), which is majority owned by Trump, has plunged 34% in the last three days as election uncertainty grows.

Some analysts are saying that the decline in crypto prices and Trump Media stock is due to profit taking by investors after big runs in their prices.

Mixed financial results from leading U.S. technology companies such as Alphabet (GOOGL) and Apple (AAPL) are also weighing on crypto prices, say analysts.

However, political pundits are warning that the outcome of the U.S. election might take weeks or months to determine, and some have cautioned that violence could erupt in America.

Bitcoin, the biggest cryptocurrency by market capitalization, has risen 60% this year to trade at $70,200 U.S. per token.