Today, many cryptocurrencies have experienced over a 5% increase, with Bitcoin (BTC)
$75,519
pushing its all-time high even higher. The new all-time high for BTC on the Binance exchange is $75,407. As this article is being prepared, BTC is trading at $74,500, above its previous record high.
Contents
Spot Bitcoin ETF
Election Results and Cryptocurrencies
Spot Bitcoin ETF
With the opening of U.S. markets today, significant volumes are expected in spot Bitcoin (BTC) ETFs. Last week, we noted impressive net inflows nearing $900 million. A net inflow of around $1 billion today wouldn’t be surprising, as everyone is poised to trade the election results.
BTC has not yet seen a massive surge, only increasing by 8% in the last 24 hours. Investors in the ETF channel may view this as an opportunity and may make substantial entries.
Election Results and Cryptocurrencies
Although Trump previously held a hostile view toward cryptocurrencies, this year has seen a complete shift. He promised to end the “illegal and anti-American pressure” on the U.S. crypto industry and even initiated his own DeFi project. He also stated he would dismiss the current SEC chair and seek the release of Ross Ulbricht.
Harris avoided clear statements on cryptocurrencies. Despite losing, she appeared confident about winning the elections. Following the South Korean elections, we witnessed cryptocurrencies becoming a significant propaganda tool in a major country like the U.S. for the first time.
In the coming period, we expect many significant events, from the Fed adding Bitcoin to its reserves to SEC Chairman Gensler’s departure. There is a possibility that Trump may disregard his promises after being elected, which could put him in a difficult position.
In the upcoming days and weeks, we are likely to see a series of news affecting U.S.-based cryptocurrencies. Institutions may ramp up their anti-crypto actions before the transition of power. Trump’s statements about cryptocurrencies will have a much more substantial impact on the charts now that a new president has been elected.
Due to Elon Musk’s D.O.G.E proposal, DOGE is moving towards $0.23 as expected. We will likely see the continuation of this rise. Messages clarifying the “legal status” for XRP Coin and other altcoins could also lead to larger fluctuations.
In summary, we can say that exciting days for cryptocurrencies are now anticipated.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
