- CoinGape's Newsletter
- Posts
- 🚨 US Election Uncertainty Slows BlackRock Bitcoin ETF Inflows: What’s Next?
🚨 US Election Uncertainty Slows BlackRock Bitcoin ETF Inflows: What’s Next?
CoinGape Media
November 02, 2024
News
After a clear lead of over 60% during the past week, the Donald Trump victory chances dropped by 4.5% on Polymarket slipping to 58.1% as Kamala Harris makes inroads into swing states. Thus, investors in the broader crypto market maintain caution as Bitcoin and altcoins take a pause before further directional moves.
Ripple CEO Brad Garlinghouse on Saturday shared good news with the XRP and the broader crypto community. Garlinghouse highlights a new era for XRP and Ripple as institutional interest in XRP products continues to rise while the US SEC loses credibility and reputation.
On Friday, the total inflows into US spot Bitcoin ETFs finally hit a speedbreaker as the dynamic of the US elections shifted just three days before the results. Kamala Harris seems to be taking the lead in some of the swing states while Donald Trump continues to lead in others. All of the nine BTC ETFs yesterday, saw net outflows of $55 million with the BlackRock Bitcoin ETF (IBIT) seeing zero inflows for the first time in nearly a month.
Markets
The crypto prices today have caused a stir among traders and investors globally, showcasing mixed actions. Bitcoin (BTC) price battled significant turbulence over the past day and is resting at the $69K level today. Simultaneously, Ethereum (ETH), Solana (SOL), and XRP prices mimicked a volatile trading session intraday. The global crypto market cap closed at the same level as the previous day, standing at $2.34 trillion. Besides, the total market volume witnessed a 3% decrease in value to $89.53 billion today.
Crypto market was always very connected with elections and gives an it’s movements are inkling into what may lie ahead in this election cycle. Anyone who invested $1,000 in Bitcoin on US election day in 2016 saw a phenomenal return to over $10,000 the following year.
Bitcoin has dropped 5% since it hit a local top of $73,620 on October 29. While BTC was inches away from its ATH of $73,949, it began its correction and now sits above a key support structure ahead of US elections. Will BTC break below this level and lead to a steep correction or continue its ascent to new highs? This Bitcoin price prediction answers these important questions.