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Markets Daily Crypto Roundup
Crypto Update | Crypto-Friendly Rep. Tom Emmer Throws Hat in Ring for U.S. House Speaker Role
Oct 23, 2023
Tom Emmer, a crypto-friendly representative, throws his hat in the ring for U.S. House Speaker role. The podcast explores the recent performance of the crypto market, discusses political developments impacting crypto bills, and analyzes the upcoming election in Argentina and its potential impact on the economy, including digital assets.
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Quick takeaways
- Despite rising bond yields, crypto prices, especially Bitcoin, are climbing, indicating its growing role as a safe haven asset in volatile markets.
- The delay in selecting a speaker for the US House of Representatives and the outcome of Argentina's presidential runoff election could have significant implications for the crypto market.
Deep dives
Crypto Market Performance
The recent days have seen extraordinary performance in the crypto market, with Bitcoin and smaller tokens climbing despite expectations that rising bond yields should hurt crypto prices. Bitcoin is up 2.5% over the past 24 hours, 13% over the past week, and 15% over the past month. Ether is also experiencing gains, up 3% today. Other tokens like Dogecoin, Matic, Chainlink, and offer are seeing even better performance, up by double digits. The strong performance of Bitcoin is influenced by factors such as expectations of spot ETF approval and growing confidence in its role as a safe haven asset in volatile markets. Although it's unclear if this is the start of a major rally or just a temporary shift.
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Discover
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