On November 5, 2024, the crypto market showed little change amidst the U.S. presidential election, with Bitcoin trading just below $68,800, recovering from a dip. Bitcoin has faced potential selling pressure as over 32,000 BTC ($2.2 billion) were transferred to unmarked wallets, a typical precursor to exchanges. The CoinDesk 20 Index was down by over 0.5%, while DOGE gained over 40% in the past month, driven by endorsements from Elon Musk as part of a campaign proposal for a government efficiency department. Traders have been hedging against market movements, with put options more expensive than calls in the short term. However, longer-term options suggest more optimism for Bitcoin's future performance. Notably, stablecoin transaction volume on the Ethereum layer-2 platform Base surged, indicating growing activity in the sector. Overall, market observers predict potential surges post-election regardless of the outcome.

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