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Today’s Cryptocurrency news revealed that Bitcoin has dropped more than 7% since it was rejected close to its peak of $73,777, yet weekly inflows into BTC ETFs have surged.
Both XRP and Ethereum decreased over the weekend, but XRP is hoping to recover after rising 3% in the last few hours. Whales might be influencing the odds of the Polymarket election in Kamala Harris's favour.
Let’s discuss updates about all 3 coins and what market changes occur after this decline or surge.
Today Crypto Updates
Bitcoin:
Bitcoin is currently trading at about $67,800 on Monday. Since Tuesday, when it was rejected near its all-time high barrier of $73,777, it has dropped by more than 7%. If the drop continues, Bitcoin might rise beyond the $66,400 support level. Coinglass data shows that last week was one of the greatest weeks for Bitcoin ETFs since they launched, with net inflows of $2.172 billion.
Ethereum:
Ethereum dropped below the critical $2,500 mark over the weekend. It is currently trading at about $2,420, down 1% daily. If the bearish pressure lessens, the top altcoin can find support close to the $2,310 benchmark. Ethereum had net inflows of $13 million.
Ripple:
Ripple's XRP has increased by 3% in the last few hours. It is trading at about $0.5095 as it attempts to make up for some small losses over the weekend. If the Securities & Exchange Commission approves asset managers' recent applications to introduce a product for the cryptocurrency, XRP may join Bitcoin and Ethereum in having its own exchange-traded fund.
Market Updates
According to AI data, there will be $46 million worth of peak unlocks in the cryptocurrency market this week. This will be a minor part of the $2.24 billion in unlocks in November. Between November 4 and 10, the number of tokens in circulation will increase, including NEON, XAI, ADA, ENA, EIGEN, HFT, and MAVIA.
State of Michigan Retirement System said that it has added Ethereum ETFs valued at $11 million to its list of investment products. The pension fund disclosed that in addition to adding 460,000 shares of the Greyscale Ethereum Trust and 460,000 shares of the asset manager's Ethereum Mini Trust, it kept its Bitcoin holdings in Ark Invest Trust.
Industry Updates
According to Polymarket data, Kamala Harris bets increased for the first time in more than a week. As a result, some cryptocurrency community members suggested that whales were involved in fixing Polymarket odds to support the Democratic candidate. But with the elections less than 24 hours away, Republican nominee Donald Trump still holds a 54 percent lead in the polls.
