Bitcoin’s price experienced some volatility during the weekend, but the daily scale shows little to no movement. However, fireworks are expected in the next few days.

Even the more volatile by nature altcoins stand quiet today, with XRP being the biggest gainer and LINK the most substantial loser from the larger caps.

BTC Calms Ahead of Elections

Last Monday started on a more positive note for the primary cryptocurrency, which continued and culminated on Tuesday. At the time, the asset skyrocketed from $68,000 to $73,600, thus coming $150 away from painting a new all-time high.

While the community anticipated the record to fall at any given moment, the landscape changed and BTC slipped to $72,000. The situation worsened by the end of the trading week as bitcoin slumped below $69,000 on a few occasions.

The weekend didn’t go all that well for the cryptocurrency either, as the bears pushed it to a weekly low of $67,600 yesterday. The most probable reason behind this is Donald Trump’s declining odds of winning the upcoming elections.

Now, though, BTC stands around $68,500, which is essentially the same spot as yesterday. Its market cap is at just over $1.350 trillion on CG, and its dominance over the alts is at 56.8%. It’s worth noting that the US elections are tomorrow and are expected to influence the price movements in the crypto market in one way or another, depending on the outcome.

Even Alts Are Calm

The daily chart for the altcoins shows something rather unlikely, as most sit quietly today. ETH, BNB, DOGE, TRX, TON, and AVAX are slightly in the green, while SOL, ADA, BCH, and SHIB are with minor losses.

XRP has gained the most from the larger-cap alts (2%), while LINK has dumped by 3.5%, making it the most painful loser.

It all seems like the calm before the storm now. The total market cap is naturally at the same spot as yesterday, as well, at just under $2.4 trillion.

TL;DR

• Ripple-SEC lawsuit continues, with the next key filing due by January 2025.
• Bitcoin’s price recently surged to nearly $73,600 before dropping to around $67,400, potentially influenced by political factors.
• Ethereum plunged from $2,700 to $2,400, with analysts watching key support levels.

The Prolonged Lawsuit

The legal battle between Ripple and the US Securities and Exchange Commission (SEC) remains ongoing approximately four years after its start. It all began in 2020 when the agency accused the company of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.

Last year, the case reached a pivotal moment after Federal Judge Analisa Torres ruled that the firm’s XRP sales to retail investors on crypto exchanges did not violate US securities laws. The regulator officially appealed the decision a month ago, triggering a fresh doze of uncertainty. The action means that the lawsuit entered a new phase comprised of filings and a briefing process, with its final resolution most likely delayed for another few years.

It is worth mentioning that Ripple responded to the SEC with a cross-appeal, outlining some fundamental points for the magistrates to consider. The first question is whether an “investment contract” under the 1933 Securities Act requires a formal agreement, post-sale duties, and buyer profit rights. This could potentially redefine the interpretation of digital asset transactions.

The second point disputes the lower court’s ruling that the company’s XRP transfers meet the SEC v. W.J. Howey Co. case criteria, which established the Howey Test to determine what qualifies as an investment contract. Ripple claims that its transactions did not resemble an investment of money in a common enterprise, with profits dependent entirely on the firm’s efforts.

Third, the company focused on “fair notice” (a term referring to the legal principle that a person or entity must be given clear and adequate details about the laws or regulations that apply to their actions). It insists that it provided potential XRP buyers with sufficient information about the uncertainty related to cryptocurrencies. 

Lastly, Ripple questioned the clarity of the injunction from Judge Torres (who ordered the company to pay a $125 million fine for violating certain securities laws), claiming it only instructs the company to follow the law without enough specifications.

Most recently, James K. Filan (a US attorney who closely observes the legal tussle) said the Second Circuit Court of Appeals has ordered that the Commission’s brief must be filed on or before January 15, 2025. Failure to act by the deadline may result in dismissal of the appeal. 

How’s BTC Doing?

The primary digital asset has been one of the hottest topics in the crypto space due to its rapid price swings in the past week. Its valuation soared from $68,000 (per CoinGecko’s data) on October 28 to $73,600 (almost a new all-time high) 24 hours later.

It consolidated at around $72K in the next two days, plunging sharply toward the end of the month. The bulls attempted to push the price on November 1, but the rally was short-lived, and BTC kept losing ground. It dropped under $68,000 on November 3, currently worth approximately $68,500.

One factor potentially contributing to the asset’s poor performance recently is Donald Trump’s declining odds of winning the US presidential elections. Last week, the Republican had a massive lead on Polymarket: 66.9% versus 33.1% for his opponent, Kamala Harris. The picture looks much different now, with Trump’s figure standing at 57.5%, while the Democratic candidate follows with 42.6%.

According to many industry participants, the former president is the better choice for the digital asset market, considering his pro-crypto stance indicated throughout his campaign. Recall that Trump promised to make America a leader in bitcoin mining and hinted at establishing a strategic BTC reserve. 

We have yet to see whether the Republican can enter the White House as a winner again and if he will stand by his commitment.

What About ETH?

The second-largest cryptocurrency spiked above $2,700 on October 30. Like BTC, though, it headed south and is currently hovering at around $2,460. 

According to some analysts, ETH remains on a bullish path as long as it trades above certain resistance zones. The X user Ali Martinez believes it can skyrocket to a new ATH of $6,000 if it doesn’t plunge below $2,400. ETH dropped to as low as $2,417 on November 3, still holding the depicted level. 

Poseidon, on the other hand, promised to cash out their holdings if Ethereum’s price tumbled below $2,450. 

Over the weekend, bitcoin’s value slumped from over $71,000 to a depth of $67,700. This price drop paved the way for some whales to acquire the leading cryptocurrency.

According to on-chain data that the blockchain analytics platform Lookonchain shared via X, five whales bought 2,780 BTC (worth $192.4 million) since November 1st.

Whales Accumulate BTC

These whale accounts withdrew their BTC stash from Binance and moved it to other bitcoin wallets. Such asset movement from crypto exchanges indicates that the user is transitioning to self-custody. This method of storage aims to boost privacy and independence, as well as reduce the immediate sell pressure.

One user moved 880 BTC when the leading crypto asset sold for $69,500, bringing their current bitcoin holdings to 1,381 BTC (worth $95.12 million). Another whale migrated 615 BTC (worth $41.7 million) when the cryptocurrency exchanged hands at about $67,700.

The third whale withdrew 595 BTC (worth $41.38 million) from Binance, while the fourth moved 550 BTC (worth $38.68 million) from the largest exchange to an external wallet address when BTC sold for $70,300. The fifth investor withdrew 140 BTC (worth $9.48 million) when the leading crypto traded around $67,700.

Potential Driver Behind the Big Buy

Ideally, investors accumulate a particular crypto asset when they believe its value will appreciate over time. In the latest case, whales believe that BTC prices will soar. One factor that may drive this potential price growth is tomorrow’s presidential election in the United States.

Anticipation of the election has contributed to bitcoin’s recent price surge to its peak value of $73,600. Most crypto community members are enthusiastic that the Republican aspirant Donald Trump will win the election. This is likely a result of Trump’s consistent pledges to aid bitcoin adoption in the country if elected.

On the other hand, some support the Democrat candidate Kamala Harris, who promised pro-crypto regulations.

Regardless of how things play out, several bitcoiners are airing their ideas as to how the leading crypto asset’s price will move. At the time of writing, BTC exchanged hands with $68,600.