Monday, 04 November 2024 02:52

Trump Drives Crypto Inflows

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Investors are pouring funds into bitcoin-tracking ETFs, with recent flows suggesting a surge in interest tied to the upcoming U.S. election and potential pro-crypto policies. The iShares Bitcoin Trust ETF saw an impressive $872 million in a single day, reflecting hopes for a Trump victory, which could foster more favorable cryptocurrency legislation. 

 

Bitcoin gained around 12% in October, with some analysts attributing this rally to rising expectations of a Republican sweep. As election week nears, bitcoin futures data shows investors are bracing for heightened volatility, with possible daily swings near 3.7%. 

 

Open interest on crypto derivatives has also reached a record high, signaling elevated activity ahead of the election. However, market indicators suggest traders anticipate that volatility will taper off after the election, allowing bitcoin’s upward trend to potentially continue.


Finsum: Trump as positioned himself as the pro crypto candidate but even some of Harris’ policies also indicate a favorable landscape for digital currency. 

 

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