On November 3, 2024, the cryptocurrency market was impacted by several key events:
Bitcoin Nearing Record Highs:
Bitcoin approached its all-time high of $73,500, marking a 63% increase this year.
This surge has been fueled by investor optimism surrounding potentially favorable regulations, especially if former President Donald Trump wins the upcoming election.
Growth in Crypto ETFs:
Cryptocurrency exchange-traded funds (ETFs) saw significant inflows ahead of the U.S. election, particularly those tracking Bitcoin.
On November 1, Bitcoin ETFs experienced net inflows of $917.2 million, highlighting investor confidence in a potentially pro-crypto administration.
Increased Campaign Spending by the Crypto Industry:
The cryptocurrency industry reportedly allocated approximately $160 million to support pro-crypto candidates, aiming to secure more favorable regulations.
Major contributors include Coinbase and the Blockchain Association.
Trump’s Odds Drop in Prediction Markets:
Trump’s odds in prediction markets, including Polymarket and Kalshi, dropped by 10% from previous highs, raising questions about his campaign’s viability.
This shift in sentiment was influenced by a “whale” investor denying any political agenda.
Launch of UBS Tokenized Money Market Fund:
UBS recently launched a tokenized money market investment fund on the Ethereum blockchain, indicating ongoing adoption of blockchain technology by traditional financial institutions.
Ethereum Price Decline:
Ethereum saw a price decline, dropping by 4.80% in the last 24 hours, which has raised concerns among investors about its short-term performance.
The crypto market's direction after November 4, 2024, will likely be influenced by the following factors:
In summary, the crypto market may exhibit a bullish trend after November 4, 2024, especially if the events lead to favorable regulatory changes and the approval of products like Bitcoin ETFs.
However, investors should remain vigilant regarding potential volatility driven by geopolitical events and regulatory changes.
With Donald Trump’s return as the President of the United States, various speculations arise in the cryptocurrency market. Here are the potential impacts and predictions for BTC-USDT. Regulations and Stance on Crypto Economic Stimulus or Inflation Control Prediction for BTC-USDT Conclusion Trump’s win could bring shifts in the crypto market, especially for Bitcoin. Investors should […]
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