CRYPTO markets are mostly idling as investors take a wait-and-see approach ahead of today’s US elections.
Bitcoin has shown little movement over the last 24 hours, trading slightly down. Ethereum is tracking lower as well, down more than 1% this morning. Meanwhile, it's a mixed landscape for altcoins. Dogecoin has taken the spotlight with a 10%+ rally overnight, pushing the memecoin up more than 50% over the past 30 days. Fantom, on the other hand, has seen some pullback.
Market-wide trading volume has increased by 10%, with Bitcoin-specific trading volume up 20%+, suggesting heightened activity in the run-up to election results. Analysts expect more volatility as this major political and economic event unfolds, with the CME’s Bitcoin options market showing that many traders are hedging against potential drops in crypto prices due to anticipated election-driven volatility.
In broader market news, a UK pension fund recently became the first in the country to allocate 3% of its total assets to Bitcoin. Until recently, institutional investors have generally been cautious about crypto due to regulatory uncertainties, but new frameworks like the Markets in Crypto Assets Regulation (MiCA) are now giving institutions clearer paths into this evolving asset class.
$2.24 trillion (-2.61%)
Daily high $69,483 | Daily low $66,834
$1.36 trillion (59% of market)
$41.7 billion (+23.96%)
-0.28%
Neutral
Source: Coinmarketcap
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
59.4
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.