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Home»ADOPTION NEWS»Bitcoin Plunges Below $55,000 Amid Jump Crypto Movement and US Election Uncertainty, Ether Drops Below $2,400
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Bitcoin Plunges Below $55,000 Amid Jump Crypto Movement and US Election Uncertainty, Ether Drops Below $2,400

By Crypto FlexsAugust 5, 20244 Mins Read
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Bitcoin Plunges Below ,000 Amid Jump Crypto Movement and US Election Uncertainty, Ether Drops Below ,400
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Bitcoin Bitcoin

-11.59%
Ethereum plunged to its lowest level since February, trading below $2,400 on Sunday night ET as investors reacted to a range of news events, including macro updates, the asset’s performance in Jump Crypto, and Kamala Harris’s increased odds of defeating crypto-backed Donald Trump in the upcoming US presidential election.

Bitcoin fell below $54,000 at one point tonight before trading with a modest recovery. It is said to be $54,698, the lowest level since February. The Block’s Cryptocurrency Price Page. Ether fell to its lowest level since February, down 19.45% at $2,333 at the time of writing.

Among the top 10 crypto tokens by market cap, BNB fell 12.88% and XRP fell 13.38%. The overall cryptocurrency market fell 10% over the past day, according to data from The Block.

“This market is different from the previous ones. Ethereum

-21.90%
“It’s BTC-led, not BTC-dominated,” Justin d’Anethan, head of APAC business development at crypto market maker Keyrock, told The Block. “Of course, that’s driven by ETH ETF trading and large investors liquidating their ETHE (Grayscale ETH Fund) positions.”

Min Jeong, an analyst at Presto Research, said the decline in Bitcoin and Ether could be due to several factors.

“First, the payrolls report released last Friday was significantly lower than expected, with only 114,000 jobs added. That fueled recession fears, sending the Nasdaq down 2.43% and the S&P 500 down 1.84%,” Chung added. News over the weekend that Warren Buffett’s Berkshire Hathaway sold nearly half of its stake in Apple Inc. in the second quarter could also weigh on stocks.

Also featured over the weekend was Jump Crypto, the cryptocurrency arm of Jump Trading. Start moving Hundreds of millions of dollars worth of crypto assets, including Ether and USDT. This has led many to speculate that the company may liquidate its crypto holdings following an investigation by the U.S. Commodity Futures Trading Commission.

“Jump Trading is moving ETH to a centralized exchange amid rumors that it may be forced to exit the crypto business due to a CFTC investigation,” Jeong said.

Uncertainty in the US presidential election

Meanwhile, the upcoming US presidential election is a source of uncertainty for cryptocurrency investors, as support for US Vice President Harris is steadily increasing.

Election polls from decentralized prediction platform Polymarket are currently predict Harris’s odds of winning are now 45%, up from about 30% when Biden dropped out and endorsed Harris as his successor.

While Trump is a strong supporter of cryptocurrencies, Harris has yet to live up to his support for the industry. However, the Harris campaign reportedly Added by David Plouffe.A former Binance Global Advisory Council member and Global Strategy Advisor to Alchemy Pay, he is part of the team’s cryptocurrency outreach efforts.

Jeff Dorman, chief investment officer at crypto asset management firm Arca, said: wrote In a post on X, he said more support for Harris would be “bad for crypto.”

“Even if Democrats are less vicious about crypto, the overall stock and crypto markets are favoring a Trump win,” Dorman said.

Presto’s Jeong said the Trump rally “is no longer driving market sentiment” and that “polls show Harris’s odds of winning are the highest they’ve ever been.”

“Investors are looking for more clarity on the Jump Trading situation, election predictions, and whether there will be a deep buy at these levels,” Jeong added.

Keyrock’s d’Anethan also said that in the broader time horizon, investors will also be watching “the interest rate environment with the possibility of a Trump victory” and the Mt. Gox selloff, which “is weighing on crypto markets and adding fuel to the fire.”


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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