Bitcoin holds steady above $67,000, Ethereum and XRP correct amidst rising anticipation of US election

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

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.
— QCP (@QCPgroup) October 22, 2024

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

Get the details here: https://t.co/7mHs3NH1H6

Claim Page: https://t.co/Fw7dlSI6AC pic.twitter.com/hUAq5axq7J
— Shib (@Shibtoken) October 21, 2024

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

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.