The cryptocurrency market experienced a significant downturn recently, with Bitcoin (BTC) leading the decline. After reaching a daily high of $73,700, Bitcoin was unable to maintain its momentum and fell by nearly 4% within 24 hours, dropping below the critical $70,000 threshold. This sudden decrease resulted in approximately $277 million in bullish liquidations, affecting over 90,000 market participants globally.
Bitcoin May Retest $66K Support Amid Political Uncertainty and Market Shifts
Bitcoin's ascent towards a new record high has stumbled as betting odds favoring pro-crypto Republican nominee Donald Trump have started to wane. The cryptocurrency recently dipped below $69,000. This downturn coincides with a shift in election betting markets, where Trump's lead over Kamala Harris has narrowed on platforms like PredictIt, Polymarket, and Kalshi. As the U.S. presidential elections draw near, the changing political landscape appears to impact digital asset valuations.
Bitcoin’s open interest,Source:Coinglass
Bitcoin's open interest, which had reached over $43 billion, has also declined, falling to just over $41 billion. Market analysts note that if Bitcoin's price stays below the $69,700 threshold during the Asian exchange hours, it could potentially retest a major support level around $66,000, reflecting the market's reactive sentiment to both political shifts and market dynamics. 
BTC/USD daily chart:TradingView
The decline is attributed to market participants reducing their long positions after recent spikes. Additionally, the Relative Strength Index (RSI) on the daily chart indicated overbought conditions earlier in the week, peaking at 70 before falling to 57, signaling a decrease in bullish momentum.
Impact on the Cryptocurrency Market
The ripple effect of Bitcoin's decline was felt across the entire cryptocurrency market. Major altcoins such as Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) also experienced downturns, contributing to a 5.5% decrease in overall market capitalization. Crypto-related stocks were not immune; companies like Cleanspark (CLSK), Riot Platforms (RIOT), and MARA Digital (MARA) saw their stock prices decrease between 5% and 10%.
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Futures markets have felt the impact of Bitcoin's slide, with considerable losses recorded across several cryptocurrencies. CoinGlass reports indicate that BTC-tracked futures faced $88 million in losses, with Ether (ETH), Solana (SOL), and Dogecoin (DOGE) futures also experiencing significant setbacks. This wave of losses comes amid a predominantly bullish sentiment where nearly 90% of all futures bets anticipated higher prices, spurred by global monetary policies and political factors suggesting a favorable outlook for Bitcoin.
Crypto enthusiasts have shifted attention to a blockchain-based gaming project captivating casual and blockchain gamers with its unique gameplay and immersive world.
Minotaurus MTAUR Presale Garners Attention,Offering a New Opportunity in Blockchain Gaming
Amidst the market volatility, the Minotaurus (MTAUR) presale is capturing the attention of both gamers and crypto enthusiasts. Minotaurus is emerging as a significant contender in the blockchain gaming arena, offering a unique digital world filled with mystery and adventure. Players can engage in epic battles against crypto creatures and explore intricate mazes, all while customizing their avatars to enhance their gaming experience.
The Minotaurus presale presents a unique opportunity for early participants. By acquiring MTAUR tokens at a preliminary rate of 0.00005975 USDT, enthusiasts obtain access at a rate significantly lower than the anticipated initial listing price of 0.0002 USDT. This early access allows participants to become part of the Minotaurus community from the outset, providing them with the chance to access the game's unique features early.
Early participants can also enjoy additional benefits, such as referral incentives and special bonuses. The presale aligns with Minotaurus' strategic plans and community-building efforts, aiming to sustain a vibrant and engaged ecosystem. Moreover, the project is committed to ensuring a reliable and secure platform for all users by undergoing audits conducted by SolidProof and Coinsult. This dedication to security and transparency instills confidence among participants.
For those interested in becoming part of the Minotaurus journey, participating in the presale is straightforward. Individuals can purchase MTAUR tokens directly on the Minotaurus website. This access allows enthusiasts to take advantage of early-stage benefits and become integral members of this expanding gaming ecosystem.
Website: Minotaurus
Whitepaper: https://minotaurus.gitbook.io/paper
Project USPs: https://minotaurus.gitbook.io/paper/overview/key-usps
