Bitcoin (BTC) relinquished its gains from Tuesday, sliding to just above $59,000 during the Asian trading hours on Wednesday, continuing a period of lackluster price movement. The cryptocurrency saw a 2.6% drop, leading the losses among major tokens. Solana’s SOL, BNB, and XRP each shed 2%, while Ether (ETH) experienced a more pronounced decline of over 3.5%. The CoinDesk 20 (CD20), an index tracking the largest cryptocurrencies by market capitalization excluding stablecoins, also saw a dip of 2.27%.

In the speculative arena, bettors on Polymarket are wagering on the likelihood of price stability in the coming days. Solana’s SOL, currently valued at $143 according to CoinDesk Indices, has a 68% chance of staying above $140 by the end of the week, according to predictions. Similarly, Ether is anticipated to remain above $2,500, currently trading just above $2,600.

Meanwhile, meme coins PEPE and BRETT recently made their debut on the major South Korean exchange Upbit, while Binance Launchpool listed a new token called DOGS.

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Market sentiment hinges on Bitcoin breaking and sustaining a level above $61,000, according to traders. “Selling pressure has been mounting near this level since early August. Bitcoin, having gained 3.2% since the start of the day and approximately 4.5% over 24 hours, is again approaching its 50-day moving average, trading just below $61K,” Alex Kuptsikevich, a senior market analyst at FxPro, told CoinDesk via email.

He added, “Overcoming this resistance, where Bitcoin has faced sell-offs since August 9, could push it toward testing its 200-day moving average near $62.7K. A consolidation above these levels could markedly improve sentiment across the entire cryptocurrency market, sparking more active buying.”

In contrast, Tron’s TRX and Cardano’s ADA emerged as the only major tokens showing gains. ADA climbed by 3%, while TRX surged more than 10%, buoyed by heightened network activity following the release of a memecoin generator supported by Tron’s founder, Justin Sun.

The generator, named Sunpump—akin to the first mover Pump.Fun on Solana—enables anyone to issue memecoins on the Tron network, with tokens being automatically listed on a decentralized exchange upon reaching a specified market capitalization.

Demand for stablecoins also appeared to have increased on the Tron network, with over $1 billion worth of Tether (USDT) issued on Tuesday, likely set to circulate within the ecosystem.

In the political realm, Donald Trump has solidified his lead on Polymarket’s election winner contract, with his odds of surpassing Kamala Harris now at 52-47. Despite this widening margin, the market still predicts a closely contested race, particularly in swing states. A contract asking if Trump will secure every swing state offers only a 16% chance, while a similar contract for Harris gives a 28% likelihood.

Swing states North Carolina and Pennsylvania are drawing particular attention this election cycle due to shifting demographics—North Carolina’s expanding urban areas and Pennsylvania’s suburban regions—and evolving views among Black and Hispanic voters on key issues such as the economy, healthcare, and immigration.

Currently, Republicans are leading in North Carolina with odds of 61-40, according to Polymarket, while Trump has gained a narrow 1 percentage point edge in Pennsylvania, now leading 51-50.

But does any of this have a bearing on Bitcoin’s price? Unlikely. Analysts suggest that other factors, such as U.S. monetary policy and supply dynamics, exert a more significant influence on BTC’s trajectory, as recently reported by CoinDesk.