Growing concerns regarding the outcome of the upcoming U.S. presidential election seem to be influencing the decline in cryptocurrency values. Just days after Bitcoin (BTC) neared a record high, it dropped 1.9% in the last 24 hours and is currently priced at $70,600.

The CoinDesk 20 index, which tracks the largest cryptocurrencies excluding stablecoins and exchange-specific tokens, has also seen a decrease of 3.9%, with Ethereum (ETH) falling approximately 5.3%.

Market analysts suggest that the uncertainty surrounding the election is affecting traders’ confidence, especially as Donald Trump’s chances of winning have decreased from 67% to 61%, according to the betting platform Polymarket. In contrast, the odds for Kamala Harris, the Democratic candidate, have risen from 33% to 39%.

Further detailing the situation, stock for Trump Media and Technology Group (DJT) has plunged by 34% in three days. Traditional markets are experiencing their struggles as well, with the Nasdaq down 2.4% and the S&P 500 down 1.6%.

“Significant missteps by both political parties have fueled interest during this critical election period,” said Matt Hougan of Bitwise. However, not all market participants are convinced that the election is the sole factor driving the market movements. Quinn Thompson from Lekker Capital pointed out that various elements like tech earnings and global tensions are also playing a significant role in the trading environment.

Brian Rudick from GSR echoed this sentiment, noting that while there is a correlation between Bitcoin's price and Trump's election odds, it has remained relatively low since Trump began to advocate for digital assets earlier this year.