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Bitcoin’s recent drop below $69,000 wiped out nearly $350 million from the crypto market, stemming from traders’ unease about the upcoming US presidential election. The cryptocurrency’s performance has been fluctuating, coinciding with the heated race between Trump and Harris. Trump was leading as the projected winner in early October on Polymarket, but his odds have since fallen. The crypto community generally favours Trump for his stance on cryptocurrency, while Harris supports stricter regulation. Speculations suggest Bitcoin’s value could significantly change depending upon the outcome of the election.

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When Bitcoin dropped just below $69,000 recently, nearly $350 million was wiped out of the crypto market. It seems like traders got a little skittish with the upcoming US presidential election. Out of this, $259.7 million were from long bets and $90.08 million from short bets, according to CoinGlass. This was the biggest single-day loss since Oct. 25, when Bitcoin wasn’t able to maintain a rally over $70,000.

Last week, Bitcoin’s price was all over the place, swinging from around $67,700 on Oct. 28, soaring to nearly $73,300 on Oct. 29, and then dipping again to $67,719 on Nov. 3. It’s since bounced back and is currently trading at $69,145, according to CoinGecko.

This up-and-down Bitcoin ride comes as the race between Donald Trump and Kamala Harris for the US presidency gets hotter on crypto betting platform Polymarket. Trump was leading in early October on Polymarket as the projected winner of the Nov. 5 elections, with his chances reaching its peak at 67% on Oct. 30. But his odds have since dropped to 56%.

Many in the crypto community view Trump as the favorable candidate since he has vowed to sack Gary Gensler, the head of the Securities and Exchange Commission, and turn the US into crypto central. On the other hand, Harris is more cautious about crypto, saying she’d back regulation for the sector in her appeal to Black male voters.

Now, Trump’s chances of winning as displayed on Polymarket seem to align more with poll data, showing that he’s virtually tied with Harris — who had a tiny 0.9 percentage point lead on Nov. 3, according to data by FiveThirtyEight.

Some have speculated that if Trump wins the election, Bitcoin could skyrocket to $100,000, while others predict that if Harris wins, Bitcoin’s price could plummet significantly by the end of the year. Following the election results, crypto trader Daan Crypto Trades forecasted that Bitcoin could swing big-time – at least 10% in either direction – depending on who bags the election victory.