It’s been a crazy week for Bitcoin (so far), with the price hovering between $75,000 and $81,000, driven by financial market momentum and the US midterm elections.
Ripple’s XRP was also affected, ultimately falling to its lowest level since August, while Hyperliquid (HYPE) plunged below $80 and faces a deeper correction.
The BTC roller coaster
At the start of the business week, the leading cryptocurrency was trading near $78,000, but the US midterm elections on November 4 caused immense turbulence.
As it became clear that Democrats would likely win a decisive victory and regain control of the Senate and House of Representatives, BTC headed south to around $76,000. Soon after, their victory became evident and the reduced uncertainty has fueled a substantial resurgence, with assets rising up to $81,000.
However, this spike was short-lived as massive sell-offs across global financial markets over the past 24 hours weighed heavily on the cryptocurrency. Buyers have stepped in to recoup some losses, and as of this writing, BTC is trading around $76,000 (per CoinGecko).
The brief rally has fueled growing optimism within the crypto community. Among the bulls was user X, Ted, who predicted a potential move towards $87,000 if BTC regains the $82,000 zone. Similarly, Michael van de Poppe argued that buyers would remain in control as long as the asset remained above the key support level of $79,000.
At the same time, several warning signs were already appearing, potentially heralding the decline that followed. These included the transfer of thousands of coins from Trump Media Group to Crypto.com and from MARA Holdings to certain platforms such as Galaxy Digital and Copper. Historically, such developments precede mass sales, which can negatively impact prices. Meanwhile, the Kobeissi Letter reports that the Trump administration and the US military are completing preparations for “a possible resumption of major combat operations in Iran.”
The fall of XRP
Ripple’s native token also saw increased volatility, briefly surpassing $1.30 on November 5 when the entire market turned green. Nonetheless, it followed BTC and many other cryptocurrencies heading south today (November 6) amid Wall Street weakness.
In fact, XRP plunged 9% in the last 24 hours and fell below $1.20. One possible reason it performs worse than its competitors is a lack of institutional demand.
Spot XRP ETFs have struggled to attract new capital, with daily net inflows sitting at $0 for two days in a row. Companies that have launched such investment vehicles include Bitwise, Franklin Templeton, Canary Capital, 21Shares and Grayscale. Since its debut, the products have accumulated $1.81 billion in net revenue.
THE HYPE in danger?
Hyperliquid’s native token is among the worst performers on a weekly scale, with its valuation falling 15% to around $78. Earlier this week, several analysts warned that the asset could plunge even further in the near future.
Ali Martinez, for example, pointed to a potential head-and-shoulders top on the 12-hour chart and suggested that a sustained close below the $76 to $78 neckline could be followed by a crash toward $59. FOUR | Crypto Spaces shared a similar view, predicting a collapse to $60 if bulls fail to defend the $77 zone.
Recent whale activity may be a major factor (besides the broader market decline) in the asset’s fall. Feeling note that the token surpassed $95 after Stan Druckenmiller’s endorsement, but in one day, four whales fully closed their HYPE long positions, cashing out around $5 million.
The article Bitcoin (BTC) Major Volatility, Ripple (XRP) Price Collapse and More: November 6 Bit Recap appeared first on CryptoPotato.
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