Bitcoin's Fall Below $67K Prompts Broad Market Dip

The latest price moves in crypto markets in context for Oct. 23, 2024.

Bitcoin slid below $67,000 on Saturday, prompting a broad decline across the major cryptocurrencies.

BTC was trading at around $66,500 during the late European morning, down about 1.3% in the past 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index, fell 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, down 3.8%, while ETH and XRP both lost around 1.5%. DOGE had led gains in the past seven days following a recent endorsement by Elon Musk.

A slowing of stablecoin issuance is among the reasons for the crypto market’s advance stalling, observers have noted. Bitcoin nudged above the $69,000 mark but failed to sustain its upward movement further.

Stablecoin liquidity and growth are closely linked 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 could cross previous highs no matter which candidate becomes the U.S. president, some traders say.

Donald Trump has been perceived as the more pro-crypto candidate and thus it has been assumed a Republican victory would be the more beneficial outcome for BTC. However, the asset is set to go higher either way, some say.

“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.”