Bitcoin and Ethereum Prices Drop amid the Ongoing Winding Down of the Japanese Yen Carry Trade and Presidential Polls in the US
- 王林Original
- 2024-08-06 00:58:121102browse
Ethereum (ETH) has dropped by over 22% in the past 24 hours and by 32% in the last 7 days while Bitcoin (BTC) fell by 16% and 26%, respectively.
Bitcoin and Ethereum prices continued to drop on Sunday evening as the ongoing winding down of the Japanese yen carry trade and presidential polls in the US hit risk assets.
Ethereum (ETH) price dropped by more than 22% in the past 24 hours and by 32% in the last 7 days. On the other hand, Bitcoin (BTC) price fell by 16% and 26%, respectively.
Bitcoin, Ethereum prices drop as polls show Kamala Harris leading Trump
Bitcoin and Ethereum prices have dropped sharply in the past few days as traders reacted to the ongoing geopolitical issues in the Middle East, rising chances of a US recession, and weak technicals.
After dropping to a low of $57,000 on Friday, BTC price recovered and started the new weekend trading at $58,000. However, it dropped sharply on Sunday morning and hit a low of $55,000.
After rising above $2,200 on Friday, ETH price also started the weekend trading at $2,000. Like Bitcoin, it dropped sharply on Sunday morning and hit a low of $1,500. Other altcoins also dropped sharply.
In a series of X posts, Peter Schiff, a well-known crypto bear and gold bull, warned that Bitcoin and Ethereum Exchange Traded Funds could have a liquidity crisis on Monday.
He argues that the ETFs will have to account for the weekend losses and those happening on Monday. As a result, if ETF investors sell, then liquidations would overwhelm the spot market.
#Bitcoin just sank below $58K. If it takes out it's July low by tomorrow's U.S. #StockMarket open, #BitcoinETFs will gap down by more than 15%, 30% below their Jan. highs. A loss of that magnitude may finally trigger mass ETF liquidations. If so, brace for a #Crypto black Monday.
Peter Schiff has a long history of being negative on Bitcoin and Ethereum, which he believes are worthless assets. However, historical data shows that the two assets have outperformed gold – his favorite asset – by far.
Despite the ongoing sell-off, Bitcoin has risen by 21% this year while gold is up by 15%. In the last five years, BTC has risen by 360% while gold is up by less than 80%.
Bitcoin and Ethereum prices dropped sharply on Sunday as polls showed that Kamala Harris has a higher chance of beating Donald Trump in the upcoming presidential polls.
While Polymarket has Trump with a 53% chance of winning, Kamala has narrowed his lead in the $500 million bet. PredictIt has Kamala Harris beating Trump.
Trump has also trailed Biden in the polls, which have shown that the chances of him winning are less than 50%. Still, he has maintained that the polls are “totally rigged.”
Kamala Harris has emerged as one of the favorites to win the Democratic nomination after strong performances in the debates and polls showing that she is the favorite to beat Trump.
Still, Biden remains the favorite to win the nomination with a 30% chance of winning the presidency, according to Polymarket. Trump has a 24% chance while Kamala has an 18% chance, according to the platform.
Bitcoin and Ethereum prices dropped sharply after polls showed that Kamala Harris has a higher chance of beating Donald Trump in the upcoming presidential polls.
While Polymarket has Trump with a 53% chance of winning, Kamala has narrowed his lead in the $500 million bet. PredictIt has Kamala Harris beating Trump.
Trump has also trailed Biden in the polls, which have shown that the chances of him winning are less than 50%. Still, he has maintained that the polls are “totally rigged.”
Kamala Harris has emerged as one of the favorites to win the Democratic nomination after strong performances in the debates and polls showing that she is the favorite to beat Trump.
Still, Biden remains the favorite to win the nomination with a 30% chance of winning the presidency, according to Polymarket. Trump has a 24% chance while Kamala has an 18% chance, according to the platform.
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