The Breakdown Markets Rip Following the Elections
Nov 9, 2024
The cryptocurrency market is buzzing with optimism following a pro-crypto election outcome. Bitcoin prices are surging as investment trends shift. A newly elected senator has proposed a Bitcoin reserve, sparking discussions about government involvement in crypto. Skepticism persists within the community about regulatory changes. The elections seem to have revitalized venture funding and improved confidence in the DeFi landscape, signaling potential shifts in market dynamics.
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Market Reactions to Election
- Trump's election win is perceived as bullish for crypto, removing a perceived market cap.
- There is uncertainty whether this signals a sustainable bull run or a temporary repricing.
Fed's Role in Market Momentum
- The ongoing Fed easing cycle further supports bullish sentiment in the crypto market.
- The Fed, under Jerome Powell, maintains its independence from political influence.
Bitcoin ETF Trading Surge
- Bitcoin ETFs experienced record trading volume after the election.
- The BlackRock ETF alone saw $4.1 billion in volume, indicating strong investor interest.