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Crypto Prices Are Way Down. Is It Time to Buy the Dip? - Ep. 684
Unchained
Ethereum's Unexpected Struggles in a Shifting Political Landscape
Despite significant political shifts favoring crypto, Ethereum has surprisingly underperformed in the market, remaining flat year-to-date despite the approval of Ether ETFs and a dramatic change in U.S. policy towards digital assets. Initially, the market expected zero chance of an Ethereum ETF, yet its eventual approval and the favorable sentiment from influential political figures like Trump led to new expectations. This abrupt shift in regulatory perspective, particularly in May, included the repeal of unfavorable accounting rules and increased approval odds for Ethereum ETFs. Despite these positive developments and the large pro-crypto voter base, Ethereum's lag behind competitors like Bitcoin and Solana, and its relative weakness compared to equities and other assets, indicates a surprising market dynamic. Analysts reflected on the political miscalculations by Democrats regarding the anti-crypto stance, which alienated a significant voter demographic. Furthermore, changing market perceptions following Kamala Harris's rise in polling and Trump's decline affected crypto sentiment, contributing to Ethereum's struggles amidst overall negative market trends.
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