currencyjournals — Bitcoin costs fell on Wednesday, extending this week's losses as danger urge for food and merchants turned reluctant to the cryptocurrency amid uncertainty over the U.S. political outlook.

The launch of a spot exchange-traded fund monitoring Ethereum additionally did little to enhance sentiment in direction of the sector, with costs falling on Tuesday and buying and selling flat on Wednesday.

It has fallen 1.7% over the previous 24 hours to $65,793.5 as of 1:56 a.m. ET (5:56 a.m. GMT). The token rallied to as excessive as $69,000 over the weekend however is now steadily reversing course.

Bitcoin struggles amid political uncertainty and weak danger urge for food

Bitcoin has come below strain from rising uncertainty surrounding the US presidential election, particularly after President Joe Biden determined to not run for reelection in favor of Vice President Kamala Harris.

Harris has quickly gained assist inside the Democratic Get together and is now extensively anticipated to be the social gathering's presidential nominee.

This can arrange a showdown with Republican candidate Donald Trump, who was polling forward of Biden and Harris earlier than they gained Harris' endorsement.

Anticipation of a Trump presidency has helped bolster cryptocurrency costs, particularly as Trump has maintained a optimistic stance on cryptocurrencies throughout latest marketing campaign rallies. Trump can be scheduled to talk on the Bitcoin Convention in Nashville this Saturday.

Nonetheless, a Reuters/Ipsos ballot carried out shortly after Biden's endorsement confirmed Harris in a better approval score than Trump.

Spot Ethereum ETF has excessive buying and selling quantity however small worth fluctuations

Six ETFs that observe the worth of Ethereum started buying and selling within the U.S. market on Tuesday, attracting greater than $1 billion in buying and selling quantity on their first day of buying and selling.

However that's only a fraction of the $4.6 billion traded when the spot Bitcoin ETF debuted earlier this 12 months.

The worth of Ether additionally fell on Tuesday and was buying and selling flat round $3,440.97 on Wednesday.

The launch of a spot Ethereum ETF is predicted to draw extra institutional buyers to the cryptocurrency, however it’s unclear how a lot demand there’ll truly be for the product.

Buying and selling quantity for the spot Bitcoin ETF has additionally fallen considerably since its debut earlier this 12 months.

Cryptocurrency costs at present: Altcoins stagnate

Amid the broader crypto market, main altcoins noticed restricted motion on Wednesday as sentiment in direction of risk-driven property remained weak.

It traded in a slender vary and was down 2.6%.

The meme token fell 1.9% and was down 0.7%.