Title: Bitcoin Price Falls Amid Uncertainty Over U.S. Presidential Race: Trump Address Awaited
Meta Description: Bitcoin and Ether prices drop as traders wait for Donald Trump’s upcoming address. SEC approves spot Ether ETFs. Analysis of how this can impact your finances.
Investment.com – The price of Bitcoin fell on Tuesday as a weekend rebound fizzled out due to uncertainty surrounding the U.S. presidential race. Traders are now eagerly awaiting an upcoming address by Republican presidential nominee Donald Trump.
Ether, the world’s second-largest token, also experienced a retreat with minimal positive trades, despite the Securities and Exchange Commission approving six spot Ether ETFs for trading later in the day.
Bitcoin dropped 2.2% in the past 24 hours to $66,419.2 by 01:24 ET (05:24 GMT) after reaching as high as $69,000 over the weekend but stalling on Monday. Ether also fell 2.2% to $3,432.21, as major ETF issuers gear up for the launch of their spot offerings.
The world’s largest cryptocurrency extended losses into a second session as the weekend rebound stalled, driven by lower trading volumes. Despite this, Bitcoin still managed to maintain some gains over the past week as speculation over a Trump presidency fueled hopes for a more favorable regulatory environment.
Trump’s upcoming address at the Bitcoin Conference in Nashville this Saturday has added to the uncertainty, especially after President Joe Biden withdrew from the 2024 elections, endorsing Vice President Kamala Harris as the Democratic presidential nominee. This move has shifted the political landscape, leaving analysts questioning the impact on the upcoming election.
Meanwhile, Ether faced selling pressure as the SEC approved six spot ETF applications, set to begin trading in U.S. markets from Tuesday. The launch of these ETFs follows the approval of spot Bitcoin ETFs six months ago, which initially boosted Bitcoin to record highs but has since led to fluctuating prices and easing trading volumes.
In addition, Ether trust operator Grayscale mobilized $1 billion of the token onto exchanges, potentially adding to the selling pressure. Other altcoins mirrored losses in Bitcoin and Ether, with some experiencing slight gains amidst the market downturn.
In conclusion, the current market conditions are volatile, with political uncertainties and regulatory developments impacting the prices of cryptocurrencies like Bitcoin and Ether. Traders and investors should closely monitor these factors and adapt their strategies accordingly to navigate the ever-changing financial landscape.