Last week delivered exactly what we anticipated in the previous edition of Crypto Crisp. Bitcoin surged past $70,000, closing in on its March all-time high of $73,700 by reaching as high as $73,600. However, this rally was short-lived. After failing to establish a new high, Bitcoin faced a rapid pullback, dipping to as low as $67,400 over the weekend. This correction had a silver lining, though, as speculative pressure in the market eased, shown by a decrease in both open interest and funding rates in crypto futures—a concern we emphasized last week.

The weekend drop was also driven by the tightening U.S. presidential race. The election outcome remains razor-thin, essentially a coin toss at this point. Looking ahead, short-term price action in crypto will hinge largely on the election result. A Trump win would undoubtedly be bullish for crypto, while a Harris victory would have the opposite effect. One certainty: whichever way it goes, volatility is guaranteed.

We will dive into this more in a moment. Now, here are the three most significant events from the past week.