As a seasoned market analyst with over two decades of experience under my belt, I have learned to navigate the ebb and flow of financial markets with a keen eye and a steady hand. The recent dip in Bitcoin’s price, coupled with the turbulence in traditional markets, has certainly piqued my interest.
In the last 24 hours, Bitcoin, that was almost reaching a new peak a few days back, experienced a decrease of 2.76%, now trading at around $70,200.
Speculation about the crypto market is growing as prices drop, with some traders suggesting that the diminishing chances of a victory for Republican candidate Donald Trump, who supports cryptocurrencies, could be a contributing factor.
Over the last two days, the probability of Trump’s victory on Polymarket has decreased slightly from 67% to 63%, whereas the chances for Democratic candidate Kamala Harris have significantly increased, moving up from 33% to 36%.
The traditional stock markets are facing difficulties, as seen on Thursday when stocks dropped significantly. The Nasdaq declined by 2.4%, and the S&P 500 fell by 1.6%. Matt Hougan, CIO of Bitwise, believes that recent issues such as controversies in Puerto Rico and waste disposal problems have made it harder to predict the election’s outcome. This uncertainty, stemming from the ongoing electoral indecision, could be causing a dip in the crypto market.
Following a week of continuous growth in the broader market, the crypto market experienced a halt due to increased investments in U.S.-based Bitcoin exchange-traded funds (ETFs) for two days in a row. On Wednesday alone, there was an inflow of over $893 million into these ETFs, following Tuesday’s $879 million – a significant achievement as it marks the first time more than $850 million has been invested on consecutive days. This surge has boosted the total net inflows since the ETFs were launched in January to an impressive $24 billion, as reported by Farside Investors.
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2024-11-01 21:10