Investors are operating cautiously. Altcoins operate with a majority of falls. For its part, ethereum (ETH) falls moderately to US$2,440.
Few movements in the market cryptocurrencies. He bitcoin (BTC) It is trading quite flat and is just below US$69,000 after losing US$68,000 in the last 24 hours. For its part, ethereum (ETH) it yields moderately up to US$2,440.
Altcoins operate with a majority of falls. Shiba Inu and Dogecoin, which have been skyrocketing in recent weeks, are advancing Shiba Inu (5.1%) and Dogecoin (8.2%) which, although they are rebounding due to technical factors, are two cryptocurrencies linked to Elon Musk, who openly supports the presidency of Donald Trump.
According to analysts, the The rise of this crypto has a lot to do with Elon Musk, who has a fairly extensive history with the cryptomeme. The tycoon jumped to the front line of the presidential campaign in the US thanks to Donald Trump, who would have offered him a position in his Executive if he is elected president. Specifically, the CEO of Tesla would lead a commission aimed at promoting the “efficiency” of the Government, in which he plans to reduce public spending by 2 trillion dollars, as Trump explained this past Sunday at a rally at Madison Square Garden in New York. And what does this have to do with cryptocurrencies? What the organism would be called Department of Government Efficiency or “DOGE”, for its acronym in English, in clear reference to the canine-themed token.
Good news boosts the value of Bitcoin
Returning to a more serious tone, the Bitcoin’s fall was motivated by a movement by the liquidators of Mt. Gox. The bankrupt crypto exchange transferred more than 32,000 BTC, valued at about $2.2 billion, to unidentified wallets as part of its refund program. These transfers usually precede the entry of these tokens into cryptocurrency exchanges, since the price of assets of Mt. Gox creditors has multiplied exponentially since the bankruptcy of the crypto exchange more than a decade ago. Therefore, the payments of Mt. Gox are largely seen as additional selling pressure in the bitcoin markets.
How the US election may impact cryptocurrencies
However, much of the attention of the market, and the world in general, It is set in the United States, where the aforementioned presidential elections will be held this Tuesday. The polls show a situation of technical tie, giving a very slight advantage to Democrat Kamala Harris over Republican Donald Trump.
Although most experts consider that Trump is the most bullish option for crypto assets in the short term, They also highlight that Harris could adopt a more progressive approach with these digital assets and, therefore, generate strong increases in the medium term. Be that as it may, QCP Capital and Amberdata data show that cryptocurrencies could face very high volatility after the elections, with bitcoin being able to register movements of between US$6,000 and US$8,000 both up and down.
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“Financial markets still believe Trump will win, although they are reacting to the narrowing in the polls. Although a Trump victory has been tentatively priced in by the market, a Harris victory could lead to an increase in short-term volatility, further reversal of long dollar/short bond bet, and cryptocurrencies could remain under pressure. If Trump wins, we could see a slightly stronger dollar, with a possible return of the dollar index to 105 points. If Harris wins and if Congress is divided between Republicans and Democrats, then we could see a drop in the dollar in the coming days,” explains Kathleen Brooks, research director at XTB.
On the other hand, the Federal Reserve (Fed) meeting that will take place this Wednesday also captures some of the market’s attention. The US central bank is expected to lower interest rates again, although a 50 basis point (bp) cut appears to be completely out of the question. Instead, the consensus of analysts is in favor of two cuts of 25 bp both in this meeting and in the conclave in December.
Source: Ambito
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