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Bitcoin's price remained stable on Thursday, trading at $67,437.9 as market participants grappled with uncertainties surrounding the upcoming presidential election and relatively high U.S. interest rates. This atmosphere of risk aversion has contributed to subdued crypto trading volumes, reflecting broader hesitance among traders.
Election Concerns and Interest Rate Pressures
Initially, Bitcoin experienced a rally fueled by speculation that Donald Trump might secure a second term in the 2024 election. Recent polling indicates Trump holds a slight advantage over Democratic nominee Kamala Harris. Trump's pro-crypto stance, promising friendlier regulations, has garnered attention. However, his macroeconomic policies may lead to inflationary pressures, resulting in persistently high interest rates and a stronger dollar, which could constrain liquidity in risk assets like cryptocurrencies.
Traders are positioning themselves for a modest 25 basis point cut in interest rates by the Federal Reserve in November, according to CME Fedwatch.
Solana's Notable Performance
In contrast, Solana emerged as a standout performer, rising 4.5% to a near three-month high of $173.068. This surge is attributed to heightened activity on its blockchain, particularly involving AI-related meme tokens. Solana's user base has reached record levels, surpassing 8 million, with increased speculative trading driving interest.
Other Altcoins
Meanwhile, major altcoins showed muted movement, with Ether dropping 2.4% to $2,553.24. Other cryptocurrencies like MATIC, ADA, and XRP remained relatively flat, while the meme token DOGE rose 1.2%.
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