Pro-XRP Lawyer John Deaton Wins Republican Primary, Crypto Industry Cheers

Author

CoinGape Media
September 04, 2024

News

XRP lawyer John Deaton is very popular within the crypto community and will be taking on anti-crypto Elizabeth Warren in US elections.

In a massive development for the crypto industry, pro-XRP lawyer John Deaton won the elections of the Republican primary nominee to represent Massachusetts in the upcoming US Presidential Elections. The results show that Deaton has won by a comfortable margin of 65% voting share against other Republican candidates in the race.

The S&P 500 fall on Tuesday drags Bitcoin lower by 4.5% leading to strong liquidations. BTC price can crash 75% per the Stochastic RSI.

It has been a bloodbath on Wall Street on Tuesday, with top US indices like the S&P 500 correcting more than 2%. The Bitcoin price is also facing strong correction dropping another 4.5% and moving to $56,500 levels leading to a surge in the BTC long liquidations.

The Meme world has overcome the myth of not being the profit-turning machine in the crypto domain. As of 03rd September 2024, top Meme coins are moving in the right direction with a mind-blowing market cap of $38,461,897,711, which is only down by 2.14%. If we look at the 24-hour volume, $3,062,292,945, it has shown some dramatic movement. However, don’t forget to check the top gainers and top losers in this section.

Markets

The crypto prices today have raised investor concerns. BTC price today slipped to $56K, while altcoins tanked amid DOJ's crackdown on Nvidia.

The crypto prices today have mainly embarked upon an alarming bearish trend. Bitcoin (BTC) price witnessed a significant fall, reaching the $56K level. Ethereum (ETH), Solana (SOL), and XRP followed, tanking considerably over the past day. This waning movement primarily aligns with the U.S. DoJ’s crackdown on Nvidia.

Spot Bitcoin ETFs have recorded inflows since debuting in January in the United States. How will the elections influence their growth?

The United States elections could have a huge impact on spot Bitcoin ETFs adding to already notched gains in the market. For most of the year, these exchange-traded funds dominated market narratives as they opened up a new investment window for traditional firms leading to massive inflows in the sector. The price of the asset and the general market have been impacted by ETFs with assets tapping a wider adoption.

Crypto funds saw $305M in outflows amid bearish sentiment, impacting Bitcoin and ETH prices, which fell over 8% as investor interest declined.

Crypto funds witnessed substantial outflows, amounting to approximately $305 million over the past week. This decline is primarily due to negative investor sentiment across various cryptocurrencies, with Bitcoin (BTC) and Ethereum (ETH) experiencing the most outflows.