As we enter the second month of the last quarter, cryptocurrency traders eagerly await an end to the recent lackluster movements in the market. Since the March peak, Bitcoin has been trapped below $73,777. After recently rising to $73,600, the price fell due to increasing geopolitical tensions and the upcoming U.S. election. What is the current status of cryptocurrencies?
Current Status of Bitcoin (BTC)
Trading volumes have decreased again, continuing the weekend trend of indifference. Some altcoins have experienced losses exceeding 5%. Currently, Bitcoin (BTC) 
$62,511 is priced at $68,666. If it replicates its 2021 performance, BTC should reach new heights this month, but this requires the U.S. elections to conclude first.
On November 5, the new U.S. President will be announced. The identity of the new President has never been so crucial for cryptocurrencies. Trump’s significant supportive statements regarding cryptocurrencies and Bitcoin have generated excitement. If he wins, we should expect a substantial upward movement in the coming week.
Remember the day when the price broke above $40,100? Shortly afterward, BTC surged to its all-time high. Now, we need to see a similar breakout and support above $70,000 for new record levels to follow. Maintaining support at $69,000 is crucial to limit any decline. Depending on news flow in the coming hours, volatility could create significant highs and lows between $80,000 and $55,000.
Current Status of Cryptocurrencies
The total volume across all cryptocurrencies has declined to $55 billion. This represents a 37% drop from yesterday, typical for the weekend. The fear and greed index stands at 55. IMX Coin has suffered the most this week, dropping by 18% due to being the latest target of an SEC lawsuit.
Other cryptocurrencies such as MEW, TAO, BEAM, HNT, WLD, TIA, NOT, WIF, BONK, and BRETT Coin have also recorded double-digit losses. The ongoing SEC lawsuits indicate that institutional pressure on cryptocurrencies may continue after the elections. The only way to mitigate this is for Trump to appoint a pro-crypto president. SEC members Uyeda and Peirce have criticized the agency’s past decisions, and one of them might be a potential candidate.
