Bitcoin's Rollercoaster Amidst Political Tensions
The cryptocurrency market has been on a tumultuous ride recently, with Bitcoin experiencing significant fluctuations. According to FX Empire, the price of Bitcoin plummeted by 7% as Kamala Harris made strides in cutting down Donald Trump's lead in the U.S. presidential race. The report highlights that this political shift has caused uncertainty and sell pressure within the crypto markets, leading to bearish sentiments among traders.
FX Empire further explains that if bears succeed in pushing prices below the $65,000 psychological support level, it could trigger a deeper correction towards lower bands at $63,821. However, should Trump secure victory in the elections, resistance is expected around $68,117, which would be crucial for any recovery attempts.
Ethereum ETFs Gain Traction Among Institutional Investors
A recent disclosure from CryptoSlate reveals Michigan State Pension Fund’s increased exposure to Ethereum through exchange-traded funds (ETFs). With an investment totaling over $11 million into Grayscale's Ethereum Trusts compared to their earlier investments of about $7 million into Bitcoin ETFs, this move marks Michigan as one of the first state pension systems investing heavily into ETH-based financial products.
This strategic allocation underscores growing confidence amongst institutional investors regarding Ethereum’s potential despite its relatively lackluster performance against BTC year-to-date returns, according to Bloomberg analyst Eric Balchunas cited by CryptoSlate.
$5.7 Trillion Banking Giant UBS Ventures Into Tokenization
Citing CoinMarketCap reports: Swiss banking powerhouse UBS Asset Management launched its inaugural tokenized fund utilizing blockchain technology via the Ethereum network – dubbed 'uMINT'. This initiative forms part of broader efforts under the ‘UBS Tokenize’ platform aimed at digitizing traditional capital instruments such as bonds or structured products while bridging conventional finance with digital innovation pathways globally across various asset classes including real estate securities, etc.
The launch follows successful pilot programs conducted last year, demonstrating feasibility and efficiency gains achievable when leveraging distributed ledger technologies like those underpinning cryptocurrencies today!
Sources:
- Bitcoin Price Forecast: BTC Plummets 7% as Kamala Harris Cuts Trump Lead
- $3M Bitcoin Forecast: Vaneck's Model Sees Central Bank BTC Adoption
- Bitcoin Going Higher Irrespective of Election Outcome: Scaramucci's Insight Goes Beyond 2024
- Bitcoin Set for $6K-$8K Seesaw as U.S. Election Enters Final Stretch: Analyst
- Shocking Exposure: Coinbase Uncovers 20 Shameful Regulator Moves Against Crypto
- Analysts Double Down on $200K Bitcoin Amid Trump-Harris Election Clash
- Michigan state pension fund reports $11 million exposure to Ethereum ETFs
- $5.7T Banking Giant UBS Launches First Tokenized Fund on Ethereum
- Michigan State Pension Fund Expands Crypto Holdings with $10M Ethereum Buy
- Bitcoin, Ethereum Slip While Dogecoin Surges Ahead Of Presidential Election; Analyst Predicts BTC Will Hit $100K+ Regardless Of Trump Or Harris Win
- The Future Vision for the Ethereum Network
- Stakingbonus Launches Innovative Ethereum Staking Plan to Cater Institutional and Retail Investors
- XRP Price Prediction: Ripple Vs. SEC Appeal Delay Slows Down XRP Rally, Sends Investors Into AI Altcoin For
- Analyst Issues Altcoin Warning, Says Black Swan Event Could Trigger ‘Very Last Shakeout’
- 3 signs Ethereum price is in trouble below $2,500
- Forget SOL and AVAX! Here Is the Altcoin Set for a Bullish Q1
- Altcoins to Watch: Cryptos Set for Major Waves After the US Election—Don’t Miss Out!
- Weekly Cryptocurrency Market Analysis: Altcoins Maintain Uptrend While Cryptos Overcome Selling Pressure
- BTC and ETH Predicted to Rise Again, But CYBRO Could Deliver Faster Gains
- Ethereum ETFs Gain Traction as Michigan Pension Fund Buys $10M Stake
- NVIDIA (NVDA) Leads Global Market Cap Gains Fueled by AI Chip De
- ST Pharm Co.,Ltd.'s (KOSDAQ:237690) market cap surged ₩157b last week, retail investors who have a lot riding on the company were rewarded
- ASX Penny Stocks To Watch With Market Caps Over A$10M
- Market value of Nvidia and TSMC surges in October on strong AI chip demand
- Bahvest Resources Berhad's (KLSE:BAHVEST) market cap up RM209m last week, benefiting both individual investors who own 34% as well as insiders
