Bitcoin Price Crash Below $70,000: What Does It Have To Do With Whales And The US Presidential Elections?

After skyrocketing above $72,000 earlier last week, the Bitcoin price has experienced an unexpected crash below the $70,000 mark ahead of the US Presidential elections.

Bitcoin price crashes below $70,000 as market braces for US election results

Bitcoin price experienced an unexpected crash below the $70,000 mark ahead of the US Presidential elections.

Reports have cited the influence of whales and the upcoming results of the US Presidential elections as catalysts to this price decline.

Bitcoin price crashes as market braces for US election results.

After skyrocketing above $72,000 earlier last week, the Bitcoin price has experienced an unexpected crash below the $70,000 mark ahead of the US Presidential elections.

According to CoinMarketCap, the Bitcoin price experienced a loss of 3.64% in just a few days, dropping from $73,133 on November 4 to $70,183 by November 7. This sharp decline has led many to label it the “biggest Bitcoin crash,” signaling that the most significant downturn in Bitcoin’s history has just started.

Bitcoin price 1-day chart. Source: CoinMarketCap

However, market intelligence platform Santiment has highlighted another interesting observation amid the Bitcoin crash.

Non-empty wallets decreasing rapidly, a sign of FUD.

According to the analytical platform, there have been 211,540 fewer addresses with a non-zero balance as of three weeks ago. This massive reduction is seen as a sign of intense Fear, Uncertainty, and Doubt (FUD) typically associated with future bullish performance and a strained market.

“Non-empty crypto wallets are decreasing rapidly, signaling a change in market sentiment. Bitcoin whales are patiently awaiting the US Presidential election results as their activity settles from last week’s spike near crypto’s top,” stated Santiment in a recent tweet.

Bitcoin whale transaction activity slowing down. Source: Santiment

As the outcome of the US elections is expected to start pouring in today, many crypto traders and investors are already preparing for major market volatility and unpredictability.

On X (formerly Twitter), there has also been a spike in mentions related to Presidential candidate Donald Trump, who has gained significant support from various crypto community members.

How the US Presidential elections could impact the BTC price

Many crypto analysts hold varying opinions and predictions regarding the future of the crypto market after the US presidential elections. With major candidates, Kamala Harris or Trump vying for Presidency, investors and crypto experts are closely watching the market for changes.

According to crypto analyst Crypto Rover, the last time former President Trump won the US election, Bitcoin pumped 2,714%. The analyst has suggested that if history repeats itself, that is, if Trump wins the current Presidential elections and Bitcoin price experiences a similar surge, then the pioneer cryptocurrency could be worth $2 million by 2025.

“If Trump wins again ( 2,714%), BTC will hit $2 million by 2025,” stated Crypto Rover in a recent tweet.

Bitcoin price vs Trump presidency. Source: Crypto Rover/X

Furthermore, Santiment has revealed that in the previous election in November 2016, Bitcoin crashed by 5.5% after Trump was announced as President. In contrast, in November 2020, the Bitcoin price surged by 22.6% after Joe Biden was announced as President.

“In November 2016, Bitcoin crashed (-5.5%) after Trump was announced as President. In November 2020, BTC surged ( 22.6%) after Biden was announced,” stated Santiment in a recent tweet.

Bitcoin price vs Biden presidency. Source: Santiment/X

Based on social sentiment on X, it appears many members of the crypto community are supporting Trump as the next US President. However, Adam Khoo, a crypto analyst, has noted that over 50 million US citizens have already voted in the US elections, with exit polls showing a significant landslide victory for Harris.

“Over 50 Million US citizens have already voted in this election with exit polls showing a landslide victory for Kamala, but anything can still happen,” stated Khoo in a recent tweet.

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