By Nermeen Nabil Khear 
Bitcoin investors appear to be adopting a cautious stance as the Nov. 5 US elections approach.
Following weeks of heightened interest in leveraged trading, recent data from Coinalyze shows that the leading crypto has experienced a notable decline in open interest, shedding around $2 billion over the past few days.
This was corroborated by data from Coinglass, which stated:
“Some longs and shorts chose to close their positions before the US election.”
The dip suggests investors are cautious amid increased risk aversion across the market. The pullback below $70,000 is largely driven by a mixture of profit-taking, dampened market sentiment, and a scarcity of positive news.
As of press time, Bitcoin was trading at approximately $67,731, according to CryptoSlate data.
Singapore-based trading firm QCP suggests this might be a temporary lull before a breakout, potentially pushing Bitcoin toward new highs. Activity in the options market supports this view, with notable interest in “topside” positions and increased purchases of $75,000 call options set to expire at the end of November.
QCP predicts that Bitcoin’s price will likely remain within its current range until post-election clarity emerges. The firm also suggests that a Donald Trump victory could trigger an immediate price surge, while a Kamala Harris win might have the opposite effect.
The post Bitcoin open interest drops $2 billion ahead of US elections as investor caution sets in appeared first on CryptoSlate.
Bitcoin investors appear to be adopting a cautious stance as the Nov. 5 US elections approach. Following weeks of heightened interest in leveraged trading, recent data from Coinalyze shows that the leading crypto has experienced a notable decline in open interest, shedding around $2 billion over the past few days. This was corroborated by data from Coinglass,
The post Bitcoin open interest drops $2 billion ahead of US elections as investor caution sets in appeared first on CryptoSlate.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.