Bitcoin and 2024 elections

Bitcoin whales unsure ahead of US

 election: Large-holder net inflows plunge

 from 38,800 to 258

Movement among Bitcoin whales, with just eight days until the U.S. presidential election, has significantly declined.

The asset’s price has consolidated around $67,000.

According to data provided by Into The Block, the Bitcoin btc1.12% Bitcoin large-holder net inflows plunged from around 38,800 BTC on Oct. 20 to 258 BTC on Oct. 26. This could indicate that whales are nervous as Election Day in the U.S., Nov. 5., approaches

Notably, whales saw a net outflow of 4,750 BTC and 533 BTC on Oct. 21 and 22, respectively. Consequently, the selloff briefly sent the Bitcoin price below the $66,000 mark on Oct. 23.

Liquidations cool down

Moreover, the crypto liquidations plunged by 85% over the past day and the total amount is hovering around $59 million, according to Coinglass. Due to the market-wide cooldown, the distance between longs, $28.7 million, and shorts, $30.5 million, is very close.

Bitcoin saw $5.6 million in liquidations—$2.2 million longs and $3.4 million shorts. 

ETFs remain strong

It’s important to note that the market still hasn’t entered a panic zone. After all, the U.S.-based spot BTC exchange-traded funds continue their inflows.

According to a crypto.news report, these investment products recorded a net inflow of over $3 billion this month alone. On Friday, spot BTC ETFs saw a net inflow of $402 million, led by BlackRock’s iShares Bitcoin Trust ETF—with an inflow of $292 million.

The total net inflow of these ETFs surpassed the $22 billion mark despite Grayscale’s $20 billion net outflows.

Bitcoin whales and 2024 elections

Bitcoin whale activity in 2024, amidst the global “super election year,” has shown heightened significance as large holders monitor and react to global political developments.

Elections in countries like the U.S., India, Mexico, Indonesia, and Taiwan have amplified market uncertainty, which tends to drive significant moves in cryptocurrency markets, especially by whales.

With elections across multiple major economies, leading to increased market volatility. Bitcoin — as a decentralized asset — is seen by some whales as a hedge against fiat currency risks tied to election outcomes, fiscal policies, and political instability.

Some whales might try to capitalize on expected post-election market turbulence. In countries with contentious elections, such as in the U.S., whales could position themselves for a potential flight to crypto-assets, especially if there’s fear of currency devaluation or restrictive capital controls.

Trump vs. Harris

In the U.S., the upcoming presidential election between Vice President Kamala Harris and Ex-President Donald Trump could lead to new or altered regulatory stances on crypto,

Any signs of regulatory tightening could lead whales to shift Bitcoin holdings to more favorable jurisdictions or sell off portions of their holdings in anticipation of market downturns.

Harris vowed to cut “needless bureaucracy and unnecessary regulatory red tape” regarding cryptocurrencies if elected. Trump, meanwhile, has been courting crypto billionaires, cashing in on non-fungible tokens, touting plans for a “Bitcoin and Crypto Advisory Council” and launching his own token.

Whale Sell-Offs and FOMO: As with any major political event, some whales might take a contrarian approach, offloading Bitcoin to secure gains ahead of potential election-induced volatility. This can create waves of FOMO (fear of missing out) buying from smaller investors who follow whale wallets.

Overall, Bitcoin whales in 2024 are likely operating with increased caution and strategic foresight, given the supercharged election cycle and its impact on global financial markets.

Top 10 most traded cryptocurrencies

With prices that skyrocket and plummet within a matter of minutes, it’s easy to get wrapped up in the rapid rise and fall of cryptocurrency prices.

But when it comes to putting a stake in crypto, you should only invest what you’re willing to lose because the value of cryptocurrencies aren’t based on hard assets like cash flow or underlying business performance. If you’re on the fence about investing in crypto, it can sometimes be helpful to take a look at which coins investors are trading to get a feel for the broader market sentiment.

10 most traded cryptocurrencies

Here are the 10 most traded cryptocurrencies in the past 30 days with a market cap of at least $1 billion. Data as of Oct. 25, 2024, from CoinMarketCap.com.

Bitcoin $1.2 trillion Ethereum $595 billion USDC $255 billion First Digital USD $151 billion Solana $134 billion BNB $46 billion Dogecoin $39 billion XRP $30 billion Sui $17 billion 1. Tether (USDT) Tether is a stable coin, which makes it different from other types of cryptocurrencies. Tether’s value is backed by one-for-one cash reserves in the U.S. dollar, making it a bit more reliable than other types of coins. Crypto traders sometimes buy Tether when selling one crypto and deciding which one to buy next rather than converting their crypto earnings directly back into dollars. Price: $0.9981 Market cap: $120 billion 2. Bitcoin (BTC) Bitcoin is the original cryptocurrency that launched in 2009. In October of 2009, Bitcoin traded at about $0.00099 per bitcoin. Fast forward to March 2024 when Bitcoin hit an all-time high above $73,000. Price: $66,957 Market cap: $1.32 trillion 3. Ethereum (ETH) Ethereum shares its name with the crypto platform the coins are traded on. It’s probably the second-most popular coin in the crypto space. Ethereum allows you to use ether (the currency) to create smart contracts. Price: $2,481 Market cap: $299 billion 4. USDC (USDC) USDC, like Tether, is also a stablecoin pegged to the U.S. dollar. The coin made its first showing on the Ethereum blockchain in 2018. Each coin is backed by $1 U.S. dollar in cash or cash equivalents like short-term Treasury bonds. Price: $0.9999 Market cap: $35 billion

Bitcoin holding strong

 Bitcoin holding strong at $67k amid solid 

ETF inflows

Bitcoin’s surge above the $67,000 mark came along with solid spot exchange-traded fund inflows and increased short liquidations.

Bitcoin btc-1.34%Bitcoin is up 2% in the past 24 hours and is trading around $67,000 at the time of writing. Yesterday, Oct. 15, the flagship crypto asset surpassed $67,500 and even got close to the $68,000 zone, marking a two-month-high.

BTC’s market cap is currently hovering at $1.32 trillion with a daily trading volume of almost $50 billion. It’s rising trading volume shows increased interest from short-term holders and traders, potentially increasing Bitcoin’s price volatility.

The market-wide surge came as the U.S.-based spot BTC ETFs registered three consecutive trading days of inflows. These investment products closed last week with $253.6 million and started this week with $555.9 million in net inflows, respectively.

According to data provided by Farside Investors, spot BTC ETFs saw $371 million in net inflows, led by BlackRock’s IBIT ETF’s $288.8 million inflow, on Tuesday, Oct. 15.

Fidelity’s FBTC, Ark Invest’s ARKB and Grayscale’s mini BTC Trust assisted with $35 million, $14.7 million and $13.4 million in inflows, respectively. 

Grayscale’s GBTC, VanEck’s HODL, WisdomTree’s BTCW and Bitwise’s BITB also joined the list with $8 million, $7.6 million, $2.8 million and $0.7 million in inflows, per Farside Investors’ data.

At this point, spot BTC ETFs have recorded $19.8 billion in net inflows since their launch in January.

The U.S.-based spot Ethereum eth-2.81%Ethereum ETFs, on the other hand, witnessed $12.7 million in net outflows amid mixed demand signals from investors. Grayscale’s ETHE fund saw $15.3 million in outflows while Fidelity’s FETH recorded $2.6 million in inflows. 

The remaining ETH investment products stayed neutral.

It’s important to note that Bitcoin and altcoin prices are experiencing high volatility due to increased liquidations and short-term profit-taking.

Crypto trading platforms

BEST CRYPTO TRADING PLATFORMS

1.OKX is one of the largest and most well-known cryptocurrency exchanges globally. It offers a wide range of cryptocurrency trading pairs, including BTC, ETH, and many others, as well as instruments such as margin trading and futures. Striving to ensure high security, OKX utilizes advanced encryption technologies and a multi-level authentication system. Additionally, the exchange actively cooperates with regulators, enhancing trust in the platform.

2.Binance is another one of the world’s largest and most popular cryptocurrency exchanges. Founded in 2017, the platform offers a wide range of features and services for both beginner and advanced traders.

One of the primary features of Binance is its wide selection of supported cryptocurrency assets. The platform offers trading for over 350 cryptocurrencies, making it one of the market’s largest and most diverse exchanges. Binance is also known for having the lowest trading fees in the industry and as the most liquid exchange.

Binance has a strong reputation across the crypto community and is widely considered to be a safe and secure platform. However, it’s worth noting that the platform is not available in some countries due to regulatory restrictions. Additionally, some users have raised concerns about the lack of transparency in Binance’s operations and decision-making process.

In recent months, Binance has also struggled to hold on to its assets, losing billions as customers withdraw funds from the exchange.

3.Bybit is a cryptocurrency exchange specializing in margin trading and futures on cryptocurrencies. The platform provides advanced trading tools and an interface that appeals to experienced traders. With a reliable technical architecture, Bybit ensures high performance and liquidity. Additionally, the exchange actively works on enhancing security and protecting user funds.

4.KuCoin was established in 2017 with headquarters in Seychelles. It offers over 700 cryptocurrencies, including many relatively new and niche coins unavailable on other exchanges. The platform also provides competitive trading fees, making it a cost-effective option for many traders.

KuCoin also offers several tools for technical analysis and margin trading, making it a popular choice for more experienced traders.

Another key feature of KuCoin is its referral program, which allows users to earn rewards for referring new users to the platform. This has helped KuCoin to build a solid and engaged community of users

5.Gate.io is a cryptocurrency exchange that provides access to a wide range of trading pairs and additional services. It is known for its user-friendly interface and wide selection of cryptocurrency assets. Gate.io also offers features such as margin trading, staking, and cryptocurrency loans to cater to diverse trader needs.

6.MEXC is a cryptocurrency exchange that stands out for its active investment in new projects and lesser-known cryptocurrencies. It provides a platform for trading with a large number of altcoins and regularly adds new assets. MEXC also offers innovative features such as auctions and staking to attract diverse traders.

7.BingX is a cryptocurrency exchange that provides access to a wide range of trading pairs and instruments. It is known for its high liquidity and reliable trading platform. BingX also offers various services such as futures, options, and leverage for experienced traders. The exchange actively works on ensuring the security of user funds.

8.Coinbase is a popular crypto brokerage where you can buy or sell crypto in exchange for fiat currency (cash). It was founded in 2012 and used to be headquartered in San Francisco, California. Now, it is a decentralized exchange with no main headquarters but is available in over 100 countries.

The platform allows users to buy, sell, and store various crypto assets, including Bitcoin, Ethereum, Bitcoin Cash, and more.

Coinbase is a publicly traded company with $36 billion in market value. It stores US dollar balances through FDIC-insured banks to secure users’ digital funds against security breaches

9.Kraken is a cryptocurrency exchange established in 2011 and. The exchange is known for its low fees, strong security measures, and advanced trading features. It is also part of the three most liquid exchange next to Binance and Coinbase.

Kraken offers over 185 cryptocurrencies for trading, including Bitcoin, Ethereum, and several other popular coins. The platform also offers advanced trading features, such as margin trading and futures trading, making it a popular choice for experienced traders.

Kraken has two platforms: a mainstream one and a pro version. The pro version offers some of the lowest trading fees in the industry

10.Crypto.com was established in 2016 and has grown to be a leading global crypto exchange available in over 90 countries with over 80 million users.

One of the main features of Crypto.com is its debit card, which allows users to spend their cryptocurrencies at more than 60 million merchants worldwide. The platform also offers a mobile wallet for storing and managing digital assets and a range of investment products for earning interest in your crypto holdings.

In addition to its consumer-focused services, Crypto.com also offers a range of tools and resources for businesses so that they can accept cryptocurrency payments.

11.Gemini is a cryptocurrency exchange founded in 2014 by the Winklevoss twins. The exchange is based in New York and is known for its focus on security and regulatory compliance.

However, it only offers a limited number of coins for trading—mostly popular coins like Bitcoin, Ethereum, and a handful of others. The platform is particularly well-suited for those looking to buy, hold, and sell crypto assets, as it doesn’t offer as many advanced trading features as other exchanges

12.Bitstamp is one of the industry’s oldest and most established exchanges and is known for its security, reliability, and compliance with regulatory requirements.

The platform provides low fees across the board for all traders, regardless of the volume of trades. The company believes that crypto should be accessible to everyone, and to fulfill its mission, they need to ensure industry-leading security and constant transparency through internal and external audits.

However, it wasn’t spared from cyber-attacks and was the victim of a security breach in 2015

13.Bittrex is a US-based cryptocurrency exchange founded in 2014. It has a global counterpart, Bittrex Global, that operates out of Liechtenstein and Bermuda and is responsible for serving customers from other countries except for the US.

As a US-based exchange, they are committed to complying with US regulations but are not a regulated exchange under US securities laws.

The platform is committed to creating lightning-fast trades through a dependable and secure system. They also accept business accounts so you can trade on behalf of a business.

14.Changelly is a cryptocurrency exchange that lets users quickly and easily exchange one cryptocurrency for another without the need for a traditional trading platform.

Established in 2015, Changelly’s prominent feature is its speed. The platform uses an automated system to process trades in real time, which can help users quickly convert one cryptocurrency into another without waiting for a lengthy confirmation process.

The company’s goal is to simplify how traders access crypto.

15.CEX.IO has been serving millions of crypto traders from over 194 countries, including 49 states in the US. They started as a Bitcoin mining pool, GHash.IO, before debuting as a crypto exchange.

They were the first exchange to accept credit cards as payment for BTC purchases. The team behind the exchange is dedicated to upholding decentralization as one of the core tenets of cryptocurrency. They retired GHash.IO when it mined 51% of BTC coins in 2015