On October 31, 2024, cryptocurrency prices fell sharply as traders took profits following recent gains, with Bitcoin (BTC) dipping below $71,000—a drop of 2% in 24 hours after failing to surpass the record high of $73,700. Ethereum (ETH) experienced a more significant decline, tumbling 5.8%, amid widespread losses throughout the altcoin market, where tokens like Aptos (APT) and Render also saw declines. Market analysts noted the simultaneous downturn in U.S. stock indices, including a 2.3% drop in the Nasdaq and a 1.5% decrease in the S&P 500, mainly due to disappointing earnings from tech giants such as Meta and Microsoft. Crypto-related stocks faced losses as well, with significant declines for exchanges like Coinbase and Robinhood, while Bitcoin miners suffered losses ranging from 5% to 10%. Analysts, however, predict that this dip may be a temporary setback, with potential for gains post-U.S. elections, particularly if Republicans secure power, which could mean a favorable regulatory environment for digital assets.

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