On November 1, Bitcoin's price fell below 70,000 USD, putting pressure on the cryptocurrency market, and there was a collective pullback in cryptocurrency ETFs and related concept stocks. At the time of writing, OKLink (01499) dropped by 7.69% to 0.168 HKD; Global Blockchain Technology (01647) fell 4.63% to 0.103 HKD; Harvest ETF (03179) decreased by 5.6% to 6.065 HKD; China Asset Management ETF (03046) declined 5.49% to 6.02 HKD.
Changes in the macroeconomic environment are intensifying market uncertainty. Previously, driven by market expectations of the "Trump trade," Bitcoin's price once surged above 73,000 USD, nearing historical highs. However, fluctuations in U.S. economic data, the market's reassessment of the Federal Reserve's policy path, as well as profit-taking by investors, caused Bitcoin to rapidly retreat. Meanwhile, the strengthening dollar also put pressure on cryptocurrency prices, prompting many investors to take profits at higher levels to avoid potential volatility.
As the U.S. election approaches, the market is closely watching the potential impact of the election outcome on cryptocurrency prices. Analysts point out that if Trump wins, his policies may once again trigger market expectations of inflation, thereby affecting the demand for crypto assets. In addition, the recent rise in global market inflationary pressure has also increased investors' risk aversion, bringing further pressure to the cryptocurrency market. In the coming days, the U.S. election and the direction of the macroeconomy will be key factors determining the short-term trend of the cryptocurrency market, and investors need to closely monitor various information to respond to the market's rapid changes.
