Major assets like BItcoin, Ethererum, XRP also faced the same fate with an excess drop in price
Most of the coins, in fact, plunged severely with almost a double-digit percentage loss.
Ahead of the US Presidential elections 2020, the whole crypto space goes through a steep downturn.
Traditional Crypto Assets turned down below Support Levels
The bulls appeared to have outperformed by the bears as the price of most of the assets slashes drastically. The DeFi space also follows the same suit with the most popular tokens plunges recording a two-digit loss.
Bitcoin which had a bull rally after announcements by the institutions, now following the downtrend from the past couple of days. At present with nearly 2 percent loss, BTC price stands at $13,403.25 at the press time. Ethereum on the other hand has plunged nearly 6.44 percent and ETH price is $374.15.
The DeFi space at least is filled with blood-bath with the majority of tokens plunge in binary figures. The tokens like YFI, UNI, MKR, LINK, SNX, plunge with 11.58%, 9.18%, 6.65%, 10.04%, 10.24% respectively.
These plunges are pretty huge which has not occurred in the recent past in 2020, but the stablecoins like Tether, Binance USD, True USD are out of this list with an uptrend. However, one of the major reasons may be the US Presidential Elections.
What’s Awaited Next?
Some of the investors seemed to have ‘panic sold’ their cryptos fearing the uncertainty of the regulations in coming days. The US presidential elections need to be successfully completed to witness a positive change with the crypto space.
However, most analysts disagree to the fact the elections result do have an impact on the crypto space. But yes, quite often the crypto market itself has shown the correlation with the elections.
Therefore, it is better to sit back and relax HODLing your assets for some more time, so that the election phase ease out.
What do you think, will the crypto market regain the losses with the announcement of the US Presidential Elections?