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Bitcoin recently fell to $60,000, losing a key support level. The continued movement below $60,700 suggests a current price of $60,130 does not provide a positive outlook. In the coming hours, Bitcoin (BTC) 
$104,249 may experience a new wave of declines that could lead to further losses.
Reasons Behind Bitcoin’s Drop
There are multiple factors contributing to this decline, potentially causing more distress to altcoin investors. First, let’s examine what transpired in the last few hours. A significant development was the announcement indicating that a rate cut might be skipped in an upcoming meeting based on recent data.
- Bostic stated that if the data aligns with expectations, he is open to remaining inactive during one of the last two meetings, targeting a 100 basis point annual rate cut expectation.
- GCR sold Trump Win shares on Polymarket, interpreted as an indication of Trump’s potential loss. However, he later clarified that the sale was made to trade in other prediction markets. This event, which pulled BTC down to $60,000, occurred due to the high prices of Trump Win on Polymarket and a desire for arbitrage.
- The SEC initiated a lawsuit against Cumberland DRW LLC for unregistered securities, with recent legal actions against the Cryptocom exchange adding to the volatility.
All these developments occurred within hours and triggered BTC’s price drop alongside numerous broader events. Notably, the transfer of over 500,000 ETH from wallets seized by China to exchanges laid the foundation for the negativity seen in the past 24 hours.
Bitcoin and Future Projections
As the weekend approaches and tomorrow marks the last business day, today’s inflation data showed a decrease from the previous month but remained above expectations. Nonetheless, with employment recovering and inflation close to 2%, such deviations can be tolerated. The main concern appears to be the upcoming elections in November.
Despite the upcoming elections, the SEC continues to file lawsuits, signaling that if the Democrats win, existing pressures on crypto companies could persist. Although the recently approved Ether ETF might suggest otherwise, Gensler and his team are determined to maintain their current course. Furthermore, Gensler has over a year left in his term.
