The prices of digital currencies dropped during trading on Tuesday, due to profit-taking activity and mixed reactions to the stimulus efforts announced by China.
Bitcoin experienced a slight decrease of 0.65% to reach $65,488, according to data from the “CoinDesk” platform. Meanwhile, Ethereum dropped by 0.56% to $2,608.27, and Ripple remained stable at 54.6 cents.
Despite the current decline, cryptocurrencies in general are moving towards an uptrend with the approaching presidential race in the United States, as these events provide significant opportunities for digital assets to rise, especially if the pro-crypto Republican Donald Trump wins.
In a related context, data from the global financial services company “Jefferies” revealed a 2.6% decrease in the profitability of Bitcoin mining on a monthly basis in September, as the average price of the world’s largest cryptocurrency remained generally unchanged. These developments indicate a sense of anticipation in the digital currency market, amidst changing economic factors and increasing interest from investors.
