Despite the rally in U.S. stocks, major cryptocurrencies have been trading sideways over the past 24 hours as traders reacted to President Joe Biden’s announcement that he is withdrawing from the election race.
Prediction markets showed former US President Donald Trump’s chances of winning slightly lower on Sunday, as Biden formally endorsed Kamala Harris. The move could also create a slightly bigger backlash for traders betting on a Trump victory. Fossil fuel suppliers and bank stocks could be supported by the prospect of deregulation under a Trump-led administration.
Stock indexes rise in early trading
The S&P 500 rose on Monday, following a rally in tech stocks following last week’s performance. Last week, the index suffered its worst weekly loss since April. The S&P 500 rose 0.6%, while the Nasdaq Composite rose 1.4% in early trading Monday.
Meanwhile, the Dow Jones Industrial Average was flat. Nvidia jumped 4%, recovering some of the ground it lost from last week’s 8% drop. Other major tech stocks, including Meta Platform, Alphabet and Apple, also rose more than 1%.
After last week’s massive capital outflow from stocks, investors will be particularly watching earnings reports from major technology companies including Tesla, Google and Visa on Monday.
Cryptocurrency Majors Stagnant Despite Stock Price Rise
Cryptocurrencies have experienced strong bullish momentum since the assassination attempt on former President Trump last week, but major tokens such as Bitcoin and Ether have traded flat over the past 24 hours. Bitcoin surged more than 18% early Monday after the assassination attempt, hitting a daily high of over $68,400.
However, the largest digital asset by market cap has since fallen in price, trading at $66,699, down about 1% over the past 24 hours, according to The Block’s pricing page.
Today, the global cryptocurrency market size is $2.55 trillion, down from a decade ago. 0.3% According to Coingecko data, over the last 24 hours:
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