Crypto Today: Bitcoin price unchanged, Ethereum and XRP correct as US presidential election draws close
- Bitcoin trades above $67,000 on Tuesday, holding steady on the day.
- Ethereum and XRP corrected nearly 2% on the day.
- US presidential election could influence Bitcoin and altcoin prices, according to experts.
Bitcoin, Ethereum and XRP updates
- Bitcoin trades at $67,184 early on Tuesday. The largest cryptocurrency by market capitalization is holding steady above the $67,000 level as traders speculate on the outcome of the US presidential election.
- Ethereum exchanges hands at $2,624, down 1.57% on the day. Ether ETFs noted $20.8 million in net outflows, according to data from Farside Investors.
- XRP trades at $0.5327, erases 2.26% on the day.
Chart of the day: Dogecoin (DOGE)
Dogecoin broke out of its downward trend on September 13. Since then the largest meme coin in the crypto ecosystem climbed toward its October 21 peak of $0.14975, as seen in the DOGE/USDT chart below.
DOGE could lose 6% of its value and sweep liquidity at the lower boundary of the Fair Value Gap (FVG) at $0.13100.
The Relative Strength Index (RSI), a momentum indicator, is barely out of “overbought” territory. Once RSI crosses the 70 mark, it typically generates a sell signal for the asset.
DOGE/USDT daily chart
Dogecoin could find support at the 200-day Exponential Moving Average (EMA) at $0.11765 in the event of a correction in the meme coin.
Market updates
- Analysts at crypto asset management firm QCP Capital say that Bitcoin is skewing bullish, even at 8% away from its all-time high of $73,777, in a recent tweet on X.
Asia Color - 22 Oct 24
— QCP (@QCPgroup) October 22, 2024
1/ Markets are bracing for a volatile #Election: While #BTC skews towards bullish calls despite trading 8% below its peak, the S&P 500 hedges with put protection ahead of a potential 1.8% post-election swing.
- Shiba Inu, the second largest meme coin in crypto, announced an airdrop of 10 million Phil tokens (PHIL) for SHIB holders. Users who participate in the airdrop have the potential to earn double rewards.
ATTENTION SHIB HOLDERS! 10M $PHIL Airdrop happening NOW! And #SHIBARMY get double rewards! @PhilTokenETH
— Shib (@Shibtoken) October 21, 2024
Get the details here: https://t.co/7mHs3NH1H6
Claim Page: https://t.co/Fw7dlSI6AC pic.twitter.com/hUAq5axq7J
- Upbit, one of South Korea’s largest crypto exchanges, announced the listing of Uniswap (UNI) on its Korean Won (KRW) and USD Tether (USDT) markets on October 22. The exchange previously listed the DeFi token in the Bitcoin market.
Industry updates
- Bitcoin Spot ETFs observed a total net inflow of $294 million for the seventh consecutive day on Monday, October 21. The metric shows a revival in institutional demand for BTC.
- The official address of ApeCoin (APE) moved 8.289 million tokens to the market maker Wintermute’s Over-The-Counter (OTC) desk. The value of the tokens is over $12 million.
- Chris Larsen, a Ripple co-founder, said on Monday that he donated $10 million in XRP to Vice President Kamala Harris’ presidential campaign.
US presidential election outcome could make or break the future of crypto
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
