The cryptocurrency market saw a decline on November 1, with a total market capitalization dropping by 1.33% to $2.3 trillion. Bitcoin fell 4.3% to around $69,193, and Ether decreased 5.4% to about $2,495. Factors influencing this downturn include increased uncertainty regarding the upcoming US presidential election, where odds for former President Trump fell from 67% to 61%. This uncertainty has also impacted broader stock markets, with significant drops in indices like the Nasdaq and S&P 500. Additionally, over $286 million in leveraged crypto positions were liquidated recently, primarily long positions, intensifying the downward pressure on prices. The article notes the potential for further declines in the crypto market due to a bear flag formation observed in market charts, where a breach below the $2.24 trillion support level could forecast a drop to approximately $1.48 trillion, indicating a significant forecasted loss of 35%.

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