The crypto market has been down since halloween began. Why? Because of election manipulation allegations towards Donald Trump. In the last 24 hours, several voting machines have acted up leading to a market decline. In addition, $953 billion was wiped out from the US stock market yesterday.
Bitcoin tanks amid election manipulation
At this time, a ballot machine in Laurel County, Kentucky, remains offline waiting for inspection by the Attorney General. The machine refused to allow voters to select Donald Trump, instead automatically selecting Kamala Harris.
Amidst these claims, Bitcoin alongside the rest of the crypto market have tanked in double digits. Earlier today, BTC tanked under $70K trading at $69,435. The Fear and Greed Index indicated “extreme greed” on Thursday, potentially signaling a market top. By Friday, the index showed “greed,” suggesting further price corrections might take place.
Nearly 90% of all futures bets were bullish ahead of the U.S. elections on November 5. However, on-chain data from Coinglass shows 92,628 traders were liquidated in the last 24 hours. Total liquidations comes in at $297.31 million. The largest single liquidation order happened on Binance – BTCUSDT value $11.26M.
The market collpase comes as the odds on Democrat candidate Kamala Harris winning next week’s U.S. presidential election are rising on betting platform Polymarket. Some observers suggest the spike reflects hedging positions among traders who’ve also bet on a victory for her Republican rival, Donald Trump.
According to a report from Reuters, the U.S. data and polling firm Edison Research, commissioned by the pro-opposition television channel Formula, said the differences between its own exit poll and the official results pointed to “manipulation” of votes.
See, with the manipulation allegations a Trump’s loss is affecting the market. A Kamala’s win has done nothing for market recovery. What would be the market scenario should Trump lose the Nov elections? Considering he is pro-crypto and Kamala is not?