Bitcoin Price Update

Bitcoin’s price fell on Friday amid a lack of major positive cues for crypto assets, although losses were limited by speculation over lower U.S. interest rates.

The token recouped some losses from last week but remained within a trading range established earlier this year, as retail interest dwindled and hype over spot-Bitcoin ETFs faded.

Uncertainty regarding crypto regulations weighed on prices, especially after Democratic candidate Kamala Harris appeared to gain an edge over Republican nominee Donald Trump following a heated debate.

As of 01:22 ET (05:22 GMT), Bitcoin fell 0.5% to $57,891.5.

Weekly Performance

Despite the drop, Bitcoin is set for a weekly gain, having risen 6.9% this week, primarily due to bargain buying after significant losses last week. The cryptocurrency has continued to struggle for direction, maintaining a trading range between $50,000 and $60,000 established throughout the year, following record highs in March.

According to CryptoQuant data, Bitcoin has further decoupled from gold, which hit a record high on Friday due to increased safe-haven demand amid bets on lower interest rates. Bitcoin has lagged behind conventional risk-driven markets and has shown little support from potential interest rate cuts by the Federal Reserve.

Trump vs. Harris

Pro-crypto candidate Donald Trump lost ground to Harris this week, as she was considered the winner of the presidential debate. Trump announced on his Truth.Social platform that he would not participate in further debates with Harris. His declining standing poses potential negative signals for crypto markets because of his pro-crypto campaigning stance. Meanwhile, Harris is expected to continue scrutiny of the crypto sector under the current Biden administration.

Altcoin Movement

Broader cryptocurrency prices were mixed, primarily tracking mild losses in Bitcoin. Ethereum (the second-largest cryptocurrency) fell 0.3% to $2,350.61. Other altcoins like MATIC, ADA, and SOL remained stable, while XRP gained 6%. Among memecoins, DOGE saw a rise of 0.7%.

Attention is focused on an upcoming Federal Reserve meeting next week, where a rate cut is widely anticipated, although opinions vary on whether it will be a 25 or 50 basis point reduction.