Bitcoin Drops Again as U.S. Presidential Election Nears Conclusion

Bitcoin has fallen below $70,000, after coming close to a new record high earlier in the week.

On Tuesday, the asset barely surpassed its record high of $73,800 set in March. Bitcoin then traded in a narrow range before falling.

Over the past 24 hours, the world’s largest cryptocurrency fell 3.1% to $69,827. The decline came as traders dumped stocks, sending the Nasdaq and S&P 500 to their worst day in a month after tech giants Meta and Microsoft announced they would spend more to meet surging AI demand. This year, Bitcoin and the broader cryptocurrency market have tended to move in lockstep with tech stocks and large-caps.

Among the top 10 cryptocurrencies, Ethereum was the hardest hit, falling 5.3% to $2,500. Dogecoin, meanwhile, was second, down 4.4% to $0.16 after a strong rally earlier in the week.

The decline also comes amid an increasingly tense race for the White House: Kamala Harris has edged out Donald Trump, according to a new CNN poll conducted by SSRS.

Read more: BlackRock Bitcoin ETF Fund Surpasses $30 Billion

Former President Trump has recently emerged as the pro-crypto candidate, while Vice President Harris, on the other hand, has spoken about cryptocurrency regulation and blockchain technology more generally. Regardless, JP Morgan analysts say Bitcoin will be bullish if Trump wins next week.