Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Trump considers tax hike on Americans making $2.5...
GOP senators: Congress should vote on Trump’s potential...
White House highlights over $2B in savings from...
GOP talk on millionaire tax hike ‘makes no...
Trump’s first vice president urges his old boss...
Department of Justice opens criminal investigation into NY...
Trump claims ‘I don’t know her’ and ‘listened...
Rubio just got an additional job in Trump’s...
OpenAI’s Sam Altman thanks Sen John Fetterman for...
Former Supreme Court Justice David Souter dead at...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

US Bitcoin ETFs See Record Outflows as Crypto Investors Face Election Day Uncertainty

by admin November 6, 2024
November 6, 2024
US Bitcoin ETFs See Record Outflows as Crypto Investors Face Election Day Uncertainty

Bitcoin-focused exchange-traded funds (ETFs) in the US saw significant outflows on Monday (November 4) as cryptocurrency market participants prepared for election-related uncertainty.

In total, a group of 12 American Bitcoin ETFs tracked by Bloomberg saw outflows of US$579.5 million that day. According to the news outlet, that’s the highest daily net outflow number seen to date.

Bitcoin-mining stocks also saw losses last week, indicating broader market stress within the sector.

MARA Holdings (NASDAQ:MARA), the largest Bitcoin-mining firm by market cap, fell around 9 percent last week, while Core Scientific (NASDAQ:CORZ) sank about 5.5 percent. Meanwhile, Riot Platforms (NASDAQ:RIOT), was down just under 5.8 percent during the period, and CleanSpark (NASDAQ:CLSK) dropped more than 10 percent.

Shares of Coinbase Global (NASDAQ:COIN), a company that runs a cryptocurrency exchange platform, dropped 14.28 percent last week, while MicroStrategy (NASDAQ:MSTR), a Bitcoin development company co-founded by entrepreneur and Bitcoin advocate Michael Saylor, saw a decrease of around 6 percent during the same timeframe.

These declines came even as the price of Bitcoin rose. The popular cryptocurrency was up about 1.5 percent last week, and jumped higher early in the trading day on Tuesday (November 5), breaching the US$70,000 level.

The disparity between Bitcoin’s performance and Bitcoin-related companies suggests that while the cryptocurrency has managed to maintain some stability, companies are reacting more sharply to market turmoil.

How will the US election affect crypto?

The current political climate in the US has created a complex landscape for digital asset traders.

As the race between Republican Donald Trump and Democrat Kamala Harris remains competitive, market participants are adjusting their strategies in anticipation of potential shifts in regulatory frameworks.

Trump’s campaign has been characterized by a supportive stance toward cryptocurrencies, while Harris has expressed her intention to create a more structured regulatory environment for digital assets.

But while the election may create short-term volatility, experts believe it will take time for its full impact to emerge.

“The biggest changes for mid-longer term crypto policy and direction won’t be seen until after the week has passed and seats around the president are filled or maintained,” Paul Howard, senior director at Wincent, told Bloomberg.

As voters head to the polls, analysts continue to monitor the potential impact of the election on regulatory approaches to cryptocurrencies, as well as the broader economic implications of the election outcome.

Click here for more on what a Trump or Harris victory could mean for the crypto industry.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Oil and Gas Price Update: Q3 2024 in Review
next post
Bonanza Grade Gold Results at Flicka Lake

You may also like

13 Canadian Crypto ETFs

January 3, 2025

Victoria Gold Placed into Receivership After Heap Leach...

August 16, 2024

NextSource Materials Closes Private Placement for Gross Proceeds...

October 12, 2024

Boab Metals: Advancing Toward Near-Term Lead, Silver Production...

January 15, 2025

Peter Krauth: Silver Market “Very Tight,” Watch This...

March 6, 2025

NVIDIA Eyeing US$100 Million Investment in OpenAI’s US$100...

September 3, 2024

1911 Gold Intersects 62.40 g/t Au over 1.00...

April 30, 2025

Altech – CERENERGY® First 60 KWh Prototype Online...

October 1, 2024

West High Yield (W.H.Y.) Resources Ltd. Announces First...

September 28, 2024

Jindalee Lithium

November 22, 2024

Recent Posts

  • Trump considers tax hike on Americans making $2.5 million or more per year
  • GOP senators: Congress should vote on Trump’s potential Iran nuclear deal
  • White House highlights over $2B in savings from DEI cuts during Trump administration’s first 100 days
  • GOP talk on millionaire tax hike ‘makes no sense,’ Trump White House alum says
  • Trump’s first vice president urges his old boss against raising taxes on wealthy Americans

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (712)
    • Investing (2,058)
    • Politics (2,553)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.