Airdrop Army

Bitcoin blinked under $70K Thursday, teasing its March all-time high of $73,737 but pulling a backflip as the week edged on. The big whale of crypto shuffled sideways before a sudden dip caught it off guard. CoinGecko clocks a 2.8% slip over the past 24 hours, with Bitcoin hugging around $70,300.

Tech Overload Smacks Bitcoin as Big Spenders Shake Markets

Bitcoin didn’t take this nosedive solo. Equities went south too, with traders unloading tech stock like it was going outta style. The Nasdaq and S&P 500 both tanked, their sharpest drop in a month, right as Meta and Microsoft revealed massive spends to amp up on AI demand. Those numbers spooked the market, and Bitcoin—locked in sync with big tech all year—felt the chill.

Meanwhile, other crypto contenders joined the slide. Ethereum’s down 5.3%, wobbling to $2,500, while Dogecoin—riding a rally high earlier—backtracked 4.4% to $0.16. Crypto heads took note, reading into tech’s rocky moves and how tightly their stashes stay tethered to Wall Street’s whims.

Election Fever Keeps Bitcoin in a Tight Spot

But it’s not just tech sell-offs rattling Bitcoin. This week’s price jitters are also getting stoked by the U.S. election rumblings, which no one in crypto can ignore. A CNN poll fresh off the press has Kamala Harris with a slight edge over Donald Trump. For the crypto crowd, this face-off is about as close as it gets.

Trump, the unexpected crypto crusader, has rallied pro-Bitcoin vibes in recent months, whereas Harris has kept it corporate, lightly talking blockchain and regulation. JP Morgan analysts piped up Thursday, saying, “Bitcoin will experience upward momentum if Trump wins next week.” To investors, this could be a launchpad or a landmine, depending on which side of the crypto coin you’re on.

So, with tech firms throwing cash at AI and the political heat cranking up, Bitcoin’s perch near $70K looks less stable by the day. It’s a waiting game for now, with traders braced for twists and turbulence as 2024 heads into its final act.